Sri Lanka to exempt its bakery industry from palm oil import ban

The Sri Lankan government has decided to exempt its bakery industry from the palm oil import ban it has enacted days earlier, reported Daily Mirror

Apr 08, 2021
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The Sri Lankan government has decided to exempt its bakery industry from the palm oil import ban it has enacted days earlier, reported Daily Mirror. The decision came after the bakery association warned of the collapse of the industry where palm oil is used as a raw ingredient. 

The Sri Lankan trade minister announced that they would allow the import of refined palm oil in the country for its bakery industry. However, he claimed, that the ban would not affect the industries.

“The domestic bakery and biscuit industry will not be affected due to the ban on palm oil import,” he was quoted as saying by Daily Mirror.  He further added, “They will be provided with a special permit to import refined palm oil required for their industries by making an appeal to the Secretary to the Finance Ministry.”

The decision to ban the import of palm oil, he claimed, was taken to promote the domestic coconut oil industry. The ban would also save the country’s foreign exchange, he added. 

“No one will be allowed to import crude palm oil adding that only refined and standard palm oil would be allowed to be imported as raw material required for industries.”

Earlier on Monday, Sri Lankan President Gotabaya Rajapksa announced the ban, saying the move is aimed at making the country free from palm oil plantation and palm oil consumption, a trend that had been growing fast in recent years.

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