Tea Exporters congratulates AKD

Wednesday, 25 September 2024 03:00 - - {{hitsCtrl.values.hits}}

The Tea Exporters Association (TEA), the apex private sector body of tea exporters of Sri Lanka, has extended its best wishes to Anura Kumara Dissanayake on his election as the new President.

The membership of Tea Exporters Association accounts for 80% of the volume and value of the annual tea exports of the country. Tea exports industry brings an annual export income of $ 1.3 billion to the country and is a vital cog in the economic wheel of the country. Approximately 2 million people directly and indirectly depends on the tea industry.

The tea industry is currently going through a difficult period due to a number of internal and external issues. The international sanctions on some of the major tea buying countries, decline in local tea crop and proposed abolition of suspended VAT (SVAT) from April 2025 are some of the burning issues of the tea industry. The adhoc decisions taken by the policy makers without any consultation with industry stakeholders is the main reason for decline in the domestic tea production. The industry has the potential to enhance export revenue to around $ 2.00-2.50 billion in the medium term if the tea production issue is addressed in a more practical manner.

“We do hope your Government will consult the relevant stakeholders on tea industry policy matters and introduce remedial measures to address the domestic issues. We also believe that export sector will receive its due recognition as enhanced export revenue is essential in overcoming the current economic challenges of the country. The Tea Exporters Association will extend its fullest cooperation to the new Government for implementation of its new economic policies,” the TEA said.

“We wish Your Excellency all the success and look forward to working closely with the new administration and policy makers,” it added.