SME Times is powered by   
Search News
Just in:   • SpiceJet re-introduces 'Zero Change fee' offer  • 'Good' progress made at nuclear talks but issues remain: Iran  • Fiscal package may be on cards to maintain economic recovery amid Covid 2.0  • Striking taxi drivers demands unreasonable: Goa tourism body  • Govt notifies Rs 6k cr PLI scheme for AC, LED light manufacturing 
Last updated: 06 Apr, 2021  

Sri.Lanka.9.Thmb.jpg SL Prez imposes immediate ban on palm oil import

Sri.Lanka.9.jpg
   Top Stories
» Fiscal package may be on cards to maintain economic recovery amid Covid 2.0
» FICCI writes to 25 CMs on Covid management
» Regulation of insolvent firms' shares still remains a dilemma
» ECLGS 2.0 now covers SMA-1 borrowers
» Forex reserves up by over $4 bn
SME Times News Bureau | 06 Apr, 2021
Sri Lankan President Gotabaya Rajapaksa has imposed an immediate ban on the import of palm oil and ordered the gradual removal of the crops, in a move to eliminate the environmentally harmful cultivations in the country, an official said on Tuesday.

Rajapaksa on Monday ordered his officials to promulgate laws preventing fresh imports of palm oil, releasing already imported stocks to the markets and gradually starting to uproot palm plantations, dpa news agency quoted a spokesperson for the presidential office as saying.

"The objective of the President is to free the country of use of palm oil and eradicate palm cultivations from the country," the spokesperson said.

In the run-up to the presidential elections in 2019, Rajapaksa vowed to stop palm cultivation in the country after villages complained about the environmental damage it causes, including deforestation, soil erosion and water pollution.

Under a phased out plan to stop palm cultivation, the President ordered the uprooting of 10 per cent of existing palm plantations annually, and that they be replaced by rubber or environmentally friendly crops.

However, no immediate reason was given for the ban on imports of palm oil into the country.

The move by the government to ban palm oil imports met immediate resistance from a section of industry that uses palm oil to manufacture bakery products, animal feed and soaps.

Sri Lanka imports around 200,000 tonnes of palm oil annually, mainly from Indonesia and Malaysia, according to trade sources.

There are currently around 11,000 hectares of palm plantations in the country.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 19 Apr, 2021
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
» Covid second wave: Lockdown or no lockdown(2)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter