Monday, 19 July 2004  
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Prima to export flour worth $ 33 million

The Government's decision to liberalise the wheat flour industry is paving the way for a first time ever flour export opportunity worth Rs. 3,400,000,000 (USD 33,000,000) per year, a press release from Prima Ceylon Limited said.

This significant contribution to the country's economy and its foreign reserves is spearheaded by local flourmiller, Prima Ceylon Limited.

Prior to June 2001, wheat flour was solely for domestic consumption, the Government determined the quantity to be produced and purchased and handled the distribution and sales of the wheat flour. Prima did the milling as a contract miller.

"With the liberalisation of the industry, the Government invited Prima to convert the flourmilling operation in Trincomalee from Build-Operate-Transfer (BOT) to Build-Own-Operate (BOO).

The Government signed an agreement with Prima to effect the change and received USD 65,000,000 in June 2001 from Prima for the flourmill complex.'

This initiative was a significant milestone and it helped set framework for the growth of the industry in the following ways:

* Impetus for Prima to further upgrade the flourmill to increase efficiency, with high throughput and low unit cost providing adequate quality wheat flour at competitive prices for the long-term benefit of the people;

* Through professional skills, training and technical service to raise the standards of local bakers and the down-stream flour based industries building a more productive and innovative baking and flour based industry and hence expand the market domestically and to exploit the export potential.

* The expansion in milling capacity and the better efficiency will make Sri Lankan flour competitive to compete in the export market, in line with the Government's economic emphasis on export promotion.

The company decided in 2002 to invest an additional USD 30,000,000 to upgrade the present mill, double the silo capacity, install a new state-of-art flourmill, expand the jetty and wharf, and launch a modern professional baking industry training centre. More than 60 percent of the USD 30 million has already been expended.

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