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Read MorePalm oil, rich in vitamin K and other essential nutrients, offers numerous health benefits. It enhances bone health, aids blood coagulation, supports vision, and promotes hair growth. Additionally, palm oil's moisturizing properties make it ideal for naturally soft skin. In Sri Lanka, palm oil plays a significant role in the edible oil market, and its global presence as a profitable cash crop has positively impacted millions of livelihoods.
Read MoreThe edible oil market in Sri Lanka heavily relies on imports, which around 200,000 metric tons of palm and coconut oil bought in annually to meet the demand of 260,000 metric tons. Although the country produces 30,000 metric tons of each oil type locally, a substantial portion of coconuts is utilized for non-oil products.
This import dependence incurs a significant amount of forex outflow or approximately 180 million USD per annum. In order to address this challenge and to promote sustainable local production so that dependence on imports could be reduced. Therefore, it’s crucial, making it mandatory to promote Sri Lankan palm oil industry, especially considering the economic benefits and availability land area for edible oil production.