Saturday Oct 04, 2025
Saturday Oct 04, 2025
Wednesday, 6 August 2025 00:47 - - {{hitsCtrl.values.hits}}
The Cabinet of Ministers at their meeting on Monday granted ‘approved enterprises’ status for four local companies engaged in the processing and re-export of selected spices in the form of oil extracts, oleoresin and residue.
Speaking at the weekly post-Cabinet meeting media briefing yesterday, Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said Stay Naturals Ltd., Verger Naturals Ltd., Plant Lipids Lanka Ltd., and HDDES Extracts Ltd. were granted the designation after fulfilling all requirements under the approved procedure established in December 2023.
On 18 December 2023, the Cabinet of Ministers approved eligible enterprises to import selected species, process them locally and re-export the value-added products. This initiative is governed by the Import and Export Regulations No. 10 of 2021, which were introduced to facilitate the scheme.
He said under the regulations, participating companies are requires to sign supplementary agreements with the Board of Investment (BOI), ensuring compliance with quality, traceability and export commitments. The BOI has already entered into such agreements with several enterprises and recommended the latest batch of approvals.
However, when asked by journalists, the Cabinet Spokesman failed to provide the selected spices under this scheme.
During the first half of 2025, export earnings from Spices and Essential Oils increased by 29.64% year-on-year to $ 208.53 million. This increase was due to the strong performance in exports of pepper (26.86%), cinnamon (25.01%) and cloves (277.67%), the latest data released by the Export Development Board showed.
