Sri Lanka’s cinnamon industry has generated approximately US$185 million in revenue, equivalent to around Rs. 60 billion, during the first eight months of this year, according to the Ministry of Agriculture, Livestock, Land and Irrigation.
The Agriculture Ministry stated that it expects the industry to achieve a revenue target of Rs. 100 billion by the end of the year.
To support this target, the Ministry of Agriculture has allocated Rs. 365 million to the Cinnamon Development Department.
The funds have been allocated to expand cinnamon cultivation, establish value-added cinnamon-based industries, facilitate internationally recognised quality certifications for the sector, and promote entrepreneurship within the industry.
The planned initiatives also include establishing 2,500 acres of new cinnamon cultivation in non-traditional growing areas.
The Ministry expects these measures to strengthen the country's cinnamon industry, expand its production capacity and enhance its competitiveness in international markets.
