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Sri Lanka offering tax breaks for investments in the agricultural sector – Minister

LOW PRODUCTIVITY: Agriculture employs a quarter of Sri Lanka’s workforce and generates 7 percent of gross domestic product.

ECONOMYNEXT- Sri Lanka is offering tax incentives for local investors who want to put their money into developing agricultural projects in Sri Lanka a Minister said.

Minister of Agriculture Mahindananda Aluthgamage told reporters today the government expects a global food shortage due to the COVID 19 pandemic.

“Therefore we need to develop our agricultural industry so that we can export our products,” he said.

Aluthgamage pointed out that Sri Lanka imports a large number of foodstuffs and these expenses could be reduced if the country grows more food.

“There is no fruit that cannot be grown in our country but annually we spend about Rs 26 billion to import fruits,” Aluthgamage said,

Moreover, he said that there are about 200,000 acres of land owned by the government which is not used for any purposes belonging to Mahaweli authority, land administration and other state departments which can be used to cultivate agricultural products

As a ministry, he said that they are especially focusing on growing fruits, vegetables and increasing local milk production. (Colombo/Aug14/2020)

Reported by Imesh Ranasinghe