COLOMBO, June 22 (Xinhua) -- Sri Lanka is set to save 57 million U.S. dollars annually in a push to achieve self-sufficiency in fertilizer production for paddy cultivation, local media reported here Monday.
Sri Lanka's Cabinet of Ministers has approved a proposal by Minister of Agriculture Chamal Rajapaksa to exploit phosphate reserves in the north central settlement of Eppawala to produce fertilizer for paddy cultivation, the state-owned Daily News reported.
The project envisions the local production of Single Superphosphate (SSP) to eliminate the need for importing Triple Superphosphate (TSP) which costs around 57 million U.S. dollars annually.
An initial investment of around Rs. 37.4 million (about 200,033 U.S. dollars) and a recovery period of six years is expected.
The project is due to begin in a year after the completion of an Environmental Impact Assessment, tenders, and installation of machinery. Implementation will be done by the Ministry of Industries and Supply Chain Management, through a joint-venture or public-private partnership has not been ruled out.
Experts believe that the Eppawala settlement contains phosphate reserves sufficient for 100 years of local use and that the discovery of new deposits in other regions may make exports feasible.
Sri Lanka currently produces nitrogen and potassium-based fertilizers used for the cultivation of tea, coconut, and vegetables. Enditem
