Prime Minister Ranil Wickremesinghe has observed that new laws will be enacted for regional plantation companies (RPCs) to improve productivity and make them accountable to Parliament.
He was addressing at the Colombo International Tea Convention organised by the Colombo Tea Traders Association (CTA) to celebrate 150 years of Ceylon Tea.
He cautioned that while focusing on the future of the industry, when considering the population growth in 2050 of the additional 2 billion people to the world population, various subsidiary drinks are coming in to take the place of tea. They must be ready to compete with these alternative drinks.
He suggested online marketing as a new system of tea action may shift to the industry. Colombo tea traders have to think of online marketing and trading. The system of supply chain and sales system will also change in the future.
He went on that RPCs had enjoyed most of the benefits of the tea industry and it was time for them to deliver as standalone companies. As far as the RPCs are concerned we will bring in a new law which will put out the duties and the factions. They will find more active golden shareholders, not the sleeping ones and they all will be accountable to Parliament. The Government will assess the performance of the RPCs.
He added that bad performers should exit the sector, while the good performers must be encouraged to modernise and go ahead and face competition from the other side. The country cannot pay the price for the bad performers.