Lifting palm oil ban will attract Indian investments
Sri Lanka is sure to see large investments in oil from extraction etc, if the ban on this crop is lifted, experts said.
Solvent Extractors Association India Executive Director Dr. B. V. Mehta, on the sidelines of a recent workshop on the edible oil sector, told The Sunday Times Business that there will be many investors lining up to invest in the country if the palm oil ban is lifted. “India is now refining about 7 to 8 million tonnes of palm oil, and we have an excellent refinery as well. And if the Sri Lankan government lifts this ban, and also promotes palm oil in this part of the world Indian entrepreneurs will be interested to invest in Sri Lanka for oil palm or palm oil processing.”
Dr. Suresh Motwani, Programme Head of Vegetable Oils, Solidaridad noted that Sri Lanka banning palm oil affects the entire Asian region in this sector.
Palm oil is just one in the vegetable oil sector, he said, pointing out that apart, from palm oil, there are ground nuts, mustard, sesame, soya bean etc, he explained. “It is important to find out which is best suited for Sri Lankan climatic conditions. We have witnessed a successful example in palm oil and, the soybean can be another success story. “So is it important to look into the different options and adopt the policies where we can fulfil the requirement from the country itself and not to depend on the other countries,” Dr. Motwani said.
Noting that when Sri Lanka needs to preserve its dollars, such avenues are important to explore, he also noted, the importance of bringing smallholders into the forefront of palm oil cultivation and said such a push would sustain their livelihoods.
Dr. Mehta who has been connected to today’s Indian vegetable oil industry, for four decades emphasised the importance of Sri Lanka exploring different oil sources, specifically bran oil from paddy seed/husk shells, to meet the country’s oil requirement.
He said that India is using paddy husks extensively to produce bran oil and they are ready to follow this technology with Sri Lanka which will bring numerous benefits to the country.
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