12 Aug

Sri Lanka to grow olives for export

An experiment to grow olive trees in Sri Lsrianka is to be launched as a Board of Investment (BOI) approved project with the objective of exporting olive oil.

An agreement to this effect was singed between the BOI and the Broucke Eco Enterprises Australia last week.

This project will experiment with growing olive trees imported from Cyprus to Sri Lanka and it will take about 3 years for the trees to produce olive oil, BOI said in a statement.

The project, with funding from Cyprus, will see an investment of Rs. 20 million and provide employment for 25. Initiallyabout 20 olive trees will be planted as an experiment in Mawanella and operations are expected to commence within 3 months.

Over 750 million olive trees are cultivated worldwide, 95% of which are in the Mediterranean region. Most of global production comes from Southern Europe, North Africa and Middle East. Olive oil is extensively used in cooking, cosmetics, pharmaceuticals, and soaps and as a fuel for traditional oil lamps.

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