Sri Lanka's Cabinet has approved a new international cooperation project focused on strengthening the nation's sugarcane sector through technical collaboration with Brazil. This initiative seeks to address existing weaknesses and challenges within the local industry. The move comes as Sri Lanka currently imports approximately 90% of its sugar requirements, incurring significant foreign exchange expenditure. The project will be jointly implemented by Sri Lanka's Ministry of Industry and Entrepreneurship Development, the Sugarcane Research Institute, and the National Science Foundation, in partnership with Brazil's Cooperation Agency and the Federal University of São Carlos.
The Pulse
EconomyPolitics2h ago
Sri Lanka Taps Brazilian Expertise to Bolster Domestic Sugar Sector
TLDR
Sri Lanka partners with Brazil for sugarcane sector development.
Project aims to boost local production and reduce imports.
90% of sugar is imported, costing foreign exchange.