The Ministry of Agriculture, Livestock, Land, and Irrigation states that the cinnamon industry has generated a revenue of 185 million US dollars equivalent to 6,000 million Sri Lankan rupees during the first eight months of the year.
The Ministry further noted that it aims to reach a revenue target of 10,000 million Sri Lankan rupees from the cinnamon industry by the end of this year.
To this end, the Ministry of Agriculture has already allocated 365 million Sri Lankan rupees (36.5 crore rupees) to the Department of Cinnamon Development. These funds have been allocated for the establishment of 2,500 acres of new cinnamon cultivation in non-traditional areas, the creation of industries for value-added cinnamon products, the provision of internationally recognized standard certifications for the cinnamon industry, and the promotion of entrepreneurial development within the sector.