Munchee eyeing CIS market

Anjana Samarasinghe

Ceylon Biscuits Limited, CBL is planning to enter the former Commonwealth of Independent States (CIS) countries to expand their export destinations.

Group Export Manager of CBL, J.F Rubera told Daily News Business they expect to venture out to former CIS countries, as it is a potential market for CBL.

'We have already entered the African market and the company has witnessed rapid growth in this market. Ghana is the latest market that country ventured and we are catering to the up-market in Ghana. The company also exports to countries such as Liberia, Togo in the African region, he said.

Many local exporters believe that it is worthless to enter into African countries but there is huge potential in these countries, he said.

Sri Lanka produces the world's best cream crackers to the international market exceeding the world-renowned brands such as Jacobs. Rubera also said that their profit margins are declining due to heavy costs and buyers are reluctant to pay higher prices.