CIC initiates maize production project

CIC Agri Businesses has initiated a project to produce 15,000 metric tons of maize annually for the next five years with the assistance of farmers in the North Central Province.

Currently a large amount of maize (approximately 150,000 metric tons) is being imported to the country annually to supplement the local maize production, which is only 30,000 - 40,000 metric tons per year.

Maize is one of the main ingredients used in the animal feed industry, which formulates around 500,000 metric tons of animal feed regularly.

Sri Lanka spends around US Dollars 30 million annually to import maize. With the international market beginning to start using maize for bio-fuel, the world market prices for maize is expected to increase in the future. Hence, the country's import of maize is bound to be a huge drain on Sri Lanka's foreign exchange.

Already the Government has taken action to set up a Task Force on maize in order to increase the production of maize in the next few years. CIC Agri Businesses intends to use around 7,000 farmers in the forthcoming Maha Season beginning in October. The company has already identified the farmers and signed agreements for this project.