Business Times

Sri Lanka to export more value added tea to Russia

Sri Lanka is to increase its value added tea exports to Russia next year with a view to taking advantage of duty reductions there following its entry in to the World Trade Organization. Addressing a ceremony in Colombo this week organized to present awards to winners of the 'Ceylon Speciality Estate Tea of the Year Contest' held in Moscow to promote specialty Ceylon Tea, Plantations Industries Minister Mahinda Samarasinghe said that Russia would bring down duty for value-added teas exported from Sri Lanka from a high of 20 % at present to around 12.5 %.

“We have to get ready to take advantage on the reduction of duty," he said. Sri Lankan value added tea exports to Russia is around 17% while 68 to 70 % is being exported in bulk form. Mr. Samarasinghe said Russia was an advanced industrialized country with a middle class of almost 75 million people and a per capita income of nearly US$16,000. The country will have to explore this increasingly sophisticated market, he added. Sri Lanka plans to implement a pragmatic marketing plan to increase the Ceylon Tea market share in Russia and it will organize many tea promotion events commencing from next year to achieve this objective.

He pointed out that a sum of US$ 50 million has been accumulated in the fund set up by him in consultations with all stakeholders in the tea industry by levying Rs. 3.50 on a kg of tea and it will be used to promote value added tea in the international market.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
 
Other Business Times Articles
Revival of acquired Celestial Residencies turns into a mess
Tourism ends 2011 on high note at nearly US$850 mln forex
Failed attempt to revive pension scheme plan
Singapore firm makes strategic investment in SL's Deccan Aviation
CSE plans upgrade in early Feb
Navara Capital consortium seals MBSL Savings Bank deal
Union Bank eyes East Asia for new funds
Discussing profits or health of the economy?
Comment - Treasury and Central Bank must work together, avoid conflicts
Managing employer - employee relations in a competitive business environment
CB to target inflation broadly and introduce nice, crisp notes
Sri Lankan reforms and growth would overcome financial constraints : Moody's
Hemachandra, new Director at Ceylinco Healthcare Services
ComBank expands ATM network to 500
Non-core investments by SLIC source of concern: Fitch
Hameedia looks to 2012 with greater zeal
Colombo University's business undergrads visit CSE
Experts question data and validity of poverty figures, economic growth
Devaluation helped Sri Lankan tea prices –broker Forbes says
RAM assigns 'BB-'/'NP' to Divasa Finance
Knowledge, innovation key to Access Business Excellence Award success
Seylan launches strategic plan with MTI assistance
Mobitel demonstrates mobile Augmented Reality at Infotel 2011!
Triumph of the pessimists?
Weaker outlook in key export markets, higher borrowings affect Hayleys
Tokyo Cement revenues to grow over short/medium term : RAM
All-new Kia Rio launched in Sri Lanka
Sri Lanka to export more value added tea to Russia
Newspaper recipe for yoghurt launched Sri Lanka’s ‘Lucky’ brand
Kurunegala entrepreneur promotes mushroom growing
Unimpressive opening week of 2012 at the bourse
ComBank Trust provides 6,000 more children with IT support
Sri Lanka to lose tariff advantage in spices from India market
Saaraketha was the official Food Designer at the recent Design Festival
Sri Lankan afforded opportunity to network with Asia’s future leaders
W.U. Seneviratne & Co. (Pvt) Ltd receives ISO certification
Tourism industry goes back in time with old Act
LOLC acquires Dikwella Resort, now has 626 rooms in total
Sri Lanka Tourism to launch customised promotions
Oman Air appoints new CEO
AirAsia launches direct daily flights to Colombo
Emirates off to a flying start in 2012
Developing Sri Lanka on the lines of Dubai
Inflation remained at single digit level in 2011:CB
Computer Society of Sri Lanka unveils strategy for 2012
Four electrical shops found selling fake KDK ceiling fans
Aitken Spence shipping chief graduates in top Oxford University programme
Citi Bank to pay $2.5 mln legal fees to CPC in oil hedge dispute
Strategic alliance between Brand Finance Lanka and Sunil Fernando Associates
HSBC sweeps major Asian Debt house awards
Fernando takes over at Commerce Dept. from Gomi Senadhira

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2012 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution