Minister of Trade, Commerce and Food Security Nalin Fernando says the possibility of importing a quantity of margarine from India under the Indian loan assistance is being considered.
The Minister requested the All Island Bakery Owners’ Association to submit a detailed report on the import prices and quantities required to import margarine for future activities.
A meeting was held today between Minister Fernando and the Association to discuss the issues faced by bakery owners.
It was revealed that bakery products as well as many other businesses have been severely affected by the current economic crisis.
The bakery owners claimed that prices of margarine, palm oil, and other ingredients, including flour, that are used as basic ingredients in bakery products, have increased significantly.
They noted that as a result, many stores are at risk of closing adding that the duty when importing margarine is significantly high.