Herbal, ayurvedic sector, way forward for Lanka

Charumini DE SILVA

The Export Development Board (EDB) has identified the herbal and ayurvedic segment as an important sector in diversifying the export mix of Sri Lanka. EDB Chairman Janaka Ratnayake said export earnings are crucial for economic growth, improving living standards of the people, to enhance the resource gap and to link with larger markets in the global arena. Hence, herbal and ayurvedic segment is an important sector in diversifying the export blend of Sri Lanka, he said.

According to global industry analysts, the global supplements and remedies market is to achieve US$ 100 billion by 2015 as good manufacturing practices and innovations have strengthened consumer confidence on these products.

He said the total export turnover from this sector is estimated at Rs 250 million per annum without the services.

“Therefore, the Ayurveda Expo 2011 will be a great platform for Sri Lankan herbal and ayurvedic entrepreneurs and manufactures to promote and have direct interaction with the local and foreign industrialists,” he said.

National Chamber of Commerce of Sri Lanka (NCCSL) President Asoka Hettigoda said the herbal and ayurvedic sector is the way forward for Sri Lanka as there are many niche markets.

Sri Lanka has a long history in the ayurvedic industry and it is important we promote the industry as Sri Lanka has a better chance in the competition.

“Over 135 participants have confirmed their participation while a large number of participants from over 20 countries are expected to take part in the event. There will be special stalls for the SME sector and a business centre to have one-to-one meetings with foreign and local giants in the industry,” he said.

Ayurveda Expo 2011 : Yoga, Meditation, Food and Wellness is jointly organized by the EDB NCCSL, in association with Indigenous Medicine Ministry Economic Development, Industry and Commerce, Sri Lanka Tourist Board and the Sri Lanka Bureau of Tourism Promotion from July 15 to 17 at the Sirimavo Bandaranaike Memorial Conference Hall.