3 September 2024 03:45 am Views - 107
The newly inaugurated Ceylon Chamber of Coconut Industries (CCCI) said it is planning to establish a separate online coconut auction, in a bid to break the monopoly mafia held by the current coconut auction operated by the Coconut Development Authority.
Last year, the Committee on Public Enterprises (COPE) revealed that the attempts to introduce an online auctioning system for coconut have been obstructed by a few brokers, as they remain determined to maintain their monopoly mafia. The COPE members have alleged that four brokers are controlling the coconut prices by abusing the current auction system.
“As a chamber, we can run a parallel auction; that’s the only way to get this done,” CCCI President Jayantha Samarakoon told Mirror Business.
As similar to the tea auction, run by the Colombo Tea Traders Association, he pointed out that the CCCI could operate the proposed new online coconut auction, gaining the confidence of all industry stakeholders.
According to Samarakoon, only one percent of the coconut harvest in the country goes through the current auction, which is an indication of the lack of confidence in the current auction system.
The CCCI remains optimistic about operationalising the proposed online coconut auction from next year.
The recently inaugurated CCCI has garnered support from the key industry associations, bringing together a total of eight founding members committed to advancing Sri Lanka’s coconut industry. These associations include the Coconut Growers Association of Sri Lanka, Exporters Association of Coconut-Based Substrates, Sri Lanka Virgin Coconut Oil Manufacturers Association, Coconut Product Manufacturers and Exporters Association, Ceylon Desiccated Coconut Manufacturers Association, Ceylon Coir Fibre Manufacturers Association, Coconut Milk Manufacturers Association and All-Ceylon Coconut Oil Manufacturers Association.
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