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| Wednesday, 13 October 2004 |
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Recommissioning Higurana and Kantale sugar factories can produce 50% of local needs By Sudarshana Perera Sri Lanka can produce 50% of its local sugar requirements if we could re-commission the Higurana and Kantale sugar factories and it would save valuable foreign exchange, said Chairman of Pelwatte Sugar Industries Ltd, Mahendra Amarasuriya. "At present we manufacture 12% - 14% of our local sugar requirements with Pelwattte and Sevenagala factories and the relevant officials should reopen the closed two sugar factories at least by privatising them and it would allow us to be self- sufficient in sugar requirements in the long term", Amarasuriya said. He said that the officials should introduce a conducive tariff structure that would help local sugar companies to compete with international sugar manufacturers and exemption of VAT by the government is a positive factor and reopening the local sugar factories would help to generate electricity with crushed sugar-cane and local alcohol spirits. "We should take steps to make the sugar manufacturing industry a viable venture in Sri Lanka and it would also help to spur the growth of the rural economy with more employment opportunities and indirect household business", he said. "If we could re-open those two factories, we will be able to produce 80,000 metric tonnes of sugar and Sri Lankan consumers will not be affected by the world price fluctuations", he said, In 2002 , Marine operator Master Divers purchased the 53 percent equity stake in Pelwatte Sugar Industries Ltd for Rs. 288.75 million. The Sevenagala and Pelawatte Sugar factories are also in the process of expanding its operations looking for more diversification into electricity supply and alcohol spirits production. |
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