Sri Lanka must increasingly focus on value addition, premium branding, innovation, and product diversification to maximise the value of every kilogram of tea produced and strengthening branded Ceylon Tea would generate higher export earnings, improve the livelihoods of producers and smallholders, and further enhance Sri Lanka’s reputation as the global benchmark for premium-quality tea, Colombo Tea Traders’ Association (CTTA) Chairman Lushantha de Silva told the 132nd Annual General Meeting (AGM) held in Colombo recently.
De Silva said the CTTA has played a pivotal role in administering the internationally renowned Colombo Tea Auction while representing the interests of buyers, sellers, brokers, exporters, producers, and other stakeholders across the tea value chain.
Delivering the keynote address, International Monetary Fund (IMF) Resident Representative in Sri Lanka Dr. Martha Tesfaye Woldemichael described Sri Lanka’s tea industry as one of the country’s strongest ambassadors on the global stage and acknowledged its significant contribution to national economic recovery. Reflecting on the country’s progress since the economic crisis of 2022, she noted that inflation has declined substantially, tax revenue has more than doubled, foreign reserves have strengthened, public debt has fallen, and debt restructuring is nearing completion through sustained reforms, fiscal discipline, and accountability.
While acknowledging these achievements, she cautioned that external challenges, including geopolitical tensions in the Middle East and disruptions to international shipping routes, continue to create uncertainty for export-oriented industries. She reaffirmed the IMF’s commitment to supporting Sri Lanka in achieving resilient, durable, and inclusive economic growth while safeguarding the hard-earned gains of recent reforms.
Guest Speaker Shiran Fernando observed that Sri Lanka is steadily regaining international confidence as both an investment destination and a trusted trading partner. He noted that growing interest from international delegations demonstrates renewed confidence in the country’s stability and presents fresh opportunities to attract investment and expand exports. He emphasised that maintaining this momentum will require policy consistency, expansion into new export markets, stronger penetration of existing markets, labour market reforms, formalisation of the informal economy, and improved access to industrial land.
Lushantha de Silva was unanimously re-elected as Chairman for a second consecutive Term, Mansoor Akbarally was appointed Vice Chairman representing buyers, while Senaka Alawattegama was appointed Vice Chairman representing sellers.
Source: Daily News
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