The Government should encourage more research and development in the agro sector and support it by providing tax incentives, said Managing Director, CIC Agri Cluster, Waruna Madanarachchi.
He was speaking at the launch of five locally developed hybrid seeds at its Pelwehera agro centre.
Today, the money spent on research in Sri Lanka is less than 1% of the GDP and this area needs huge commitment and support to forge ahead, he said.
“The Government has taken a major u-turn by canceling the tax rebate that was given for research and development.
“At CIC we have hired many scientists for R&D units but it was disappointing to note that the 22% tax concession that was given for research has now been removed,” Madanarachchi said.
A senior official of the Department of Agriculture who attended the event requested CIC to make a written request to follow it up with the Government.
Madanarachchi said the CIC Agri will increase its variety of rice exports to the world market.
He said that after intense research they also created two new varieties, Ceylon Purple Rice and Ceylon super Cornell (Basmati) to the local and international markets.
He also said that they have been shifting their focus on health and Low GI rice and CIC has already got in to this new emerging global market. “This is being done through a farmer out grower program.”
He said that after taking over the Pelwehera facility from the Government they have invested around Rs. 250 million and produced several diversified crops.
