By Ifham Nizam

All stakeholders in the coconut industry, from ministries to supporting institutions, are uniting to address long-standing challenges and forge a sustainable, long-term plan.

“This historic collaboration comes at a critical moment, as the sector faces significant hurdles impacting both local and global markets, a senior official told The Island Financial Review.

He said that despite a projected capacity of 3,300 million nuts, only 2,600 million were produced last year, resulting in shortages that have disrupted local consumption and export activities.

The decline in production is attributed to the lack of fertilization, reliance on outdated agricultural practices and the misuse of fertile lands for non-coconut-related activities. These factors have collectively weakened the industry’s ability to meet the demand.

A key target of the new plan is to increase coconut production to 4,500 million nuts, a goal that requires modernizing farming techniques and optimizing land use.

In the short term, efforts will focus on enhancing the productivity of coconut usage and importing necessary raw material to support the export sector, ensuring stability and growth.

The stakeholders have proposed a comprehensive strategy aimed at transforming the industry. This includes reducing waste, promoting public education on the versatile use of coconuts and increasing the value derived from every part of the coconut tree.

The coconut industry has the potential to significantly boost the economy. The government has set an ambitious goal of generating USD 1.5 billion in value-added coconut product exports within the next three years.

Speaking on the initiative, Deputy Industries Minister Chathuranga Abeysinghe emphasized the importance of collective effort in revitalizing the industry:

“This collaboration marks a turning point for the coconut industry. By addressing current challenges and implementing a national strategy, we aim to unlock the full potential of our coconut resources. Together, we can ensure sustainable growth, support local communities and strengthen our position in the global market.”

The iconic Jaffna International Trade Fair (JITF) that has been held consistently in the Northern peninsula for the past 14 years hosting over 300 stalls and thereby strengthening a range of small and medium enterprises island-wide, will once again showcase its 15th edition at the Muttraweli grounds.

Organized by Lanka Exhibition and Conference Services (LECS), a renowned exhibition organizer, this international trade event is to be held this year from 24th to 26th January, transforming the northern district into an arena of unparalleled opportunities for businesses, products and services ranging from sustainable energy solutions, construction, consumer products, travel and tourism, food and beverage, packaging, information and communication technology, education, automotive, agriculture, apparel, hospitality, financial services, holistic wellness and healthcare. The JITF which is seen as one of the key brand awareness launchpads which assist new start-ups to obtain exposure and facilitate older companies to mature into more recognition, from this year onwards will mould this event to be a stronger part of the tourism industry by attracting foreign visitors as well by working with stakeholders in the tourism industry.

Lanka Exhibition and Conference Services (LECS) has once again demonstrated its unwavering commitment to fostering economic growth and enhancing regional collaboration by organizing the highly successful Jaffna International Trade Fair (JITF). LECS’s dedication to excellence in event management and their strategic focus on driving sustainable economic opportunities have earned them commendations from industry leaders and government representatives alike. Their efforts not only support business growth but also play a pivotal role in nation-building by uniting diverse stakeholders and fostering a spirit of inclusivity.

The Jaffna International Trade Fair continues to serve as a inspiration of progress, facilitating knowledge-sharing, innovation, and partnerships while highlighting the immense potential of the region.

Global digital solutions company Fortude announced that it has won two prestigious awards at AICPA & CIMA’s inaugural CGMA Professional Awards – Asia Pacific. Fortude received the Innovation Award and the Digital Transformation Award, recognising the efforts and achievements of entities who have successfully embraced and implemented digital transformation projects, and leveraged technology to drive innovation, efficiency, and growth within the organisation, and beyond.

The CGMA Professional Awards – Asia Pacific recognises the achievements of Chartered Global Management Accountants (CGMA designation holders), CGMA candidates, and partners; including employers, universities, and educators, to drive innovation, foster a strong work ethic, and cultivate growth across the region, serving as role models for their peers and future generations.

Team Fortest, headed by Harshana Kuruppu, Associate Vice President – Quality Engineering and Intelligent Automation at Fortude, received the Innovation Award, honouring novel and impactful ideas that inspire a culture of continuous improvement.

Speaking on this achievement, Harshana said, “We are incredibly honoured to receive the Innovation Award at the CGMA Professional Awards Asia Pacific 2024 for our in-house-built test automation tool, Fortest. This recognition is a testament to our team’s dedication to driving innovation and excellence in test automation, particularly for Infor ERP systems. Fortest has been instrumental in accelerating automation processes and enhancing productivity for our clients.”