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» දෙවන කාර්තුවේ ඉහළ වර්ධනය සමඟින් කොමර්ෂල් බැංකුව තවත් ශක්තිමත් වෙයි
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» අද වෙන්දේසියේ දී බිල්පත් පොළී නගී
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» HOPL.N0000 ( Horana Plantations PLC)
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» පෑන් ඒෂියා බැංකුවේ ප්‍රාථමික අලෙවි කටයුතු මාස 06 කට අත්හිටුවයි
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» LIOC.N0000 (Lanka IOC PLC)
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» LLUB.N0000 (CHEVRON LUBRICANTS LANKA PLC)
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» Plantation sector updates
Sun Aug 13, 2017 4:51 pm by The Invisible

» අධිකරණ ඇමතිට ආණ්ඩු පක්ෂයෙන්ම විශ්වාස භංගයක්?
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» සොහොන් කොතේ නම 'අකැප' ඇෆ්ගන් කතුන්
Sat Aug 12, 2017 2:59 pm by Ethical Trader

» කොරියානු අර්බුදය හමුවේ ශ්‍රී ලංකාවේ සූදානම
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» TJL.N0000 (Textured Jersey Lanka PLC.)
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» කොරියාවේ උණුසුමට සංගීතයේ සිසිලස
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» Video of the day...
Fri Aug 11, 2017 4:24 pm by Rana

» Cartoon of the day...
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» LWL.N0000 (Lanka Walltiles PLC)
Fri Aug 11, 2017 11:25 am by pjrngroup

» RICH N.0000 Richard Pieris and company PLC
Fri Aug 11, 2017 11:08 am by Ethical Trader

» විසිපන්දහසේ දඩය අනුමතයි - දඩ මුදල වැඩි කෙරුණු රථවාහන වැරදි මෙන්න
Thu Aug 10, 2017 9:29 pm by jiggysaurus

» ජනපති අගමැති ඇතුළු "සම්මුති ආණ්ඩුව වෙනුවෙන්" රවී ඇමති පුටුව අතහරි...
Thu Aug 10, 2017 7:13 pm by smallville

» KFP.N0000(Keels Food Products PLC)
Thu Aug 10, 2017 7:11 pm by pjrngroup

» රවී කරුණානායක ඉල්ලා අස්වෙයි
Thu Aug 10, 2017 7:11 pm by smallville

» REXP.N0000 ( RICHARD PIERIS EXPORTS PLC)
Thu Aug 10, 2017 6:06 pm by Rana

» 10 Billion Dollar Companies Secretly Going Bankrupt !
Thu Aug 10, 2017 5:06 pm by කිත්සිරි ද සිල්වා

» SAMP.N0000 (SAMPATH BANK PLC)
Thu Aug 10, 2017 3:25 pm by The Invisible

» ඇමති රවී විශේෂ ප්‍රකාශයක් කරමින් ඉවත් වෙන්න සූදානම්
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» කැබිනට් රැස්වීමට නැහැ ; ඇමති රවී අස් වෙයිද? නැද්ද?
Thu Aug 10, 2017 9:53 am by Ethical Trader

» How cricket found – Rajgama heros !
Thu Aug 10, 2017 12:54 am by කිත්සිරි ද සිල්වා

» උ.කොරියාව, ඇමෙරිකාවේ 'ගුවාම්' දූපතට පහර දෙයි ද?
Wed Aug 09, 2017 5:54 pm by Ethical Trader

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» කන්දත් නැහැ -පොලිසියේ රස්සාවත් නැහැ
Wed Aug 09, 2017 1:35 pm by Yin-Yang

» ASPI Status Update
Wed Aug 09, 2017 11:31 am by Ethical Trader

» Obituary Notice.
Wed Aug 09, 2017 8:58 am by කිත්සිරි ද සිල්වා

» Sri Lanka lagging in stock market development in the region’
Tue Aug 08, 2017 11:10 pm by Backstage

» PINS.N0000 ( PEOPLE'S INSURANCE PLC )
Tue Aug 08, 2017 11:01 pm by Backstage

» ඖෂධීය ගබඩාවක්. ගුණයෙන් අනුනයි
Tue Aug 08, 2017 10:30 pm by Backstage

» පැහැරගැනුණු නිරුපිකාව ගැලවේ: 'මැදපෙරදිගට විකිණීමේ තැතක්'
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» ඩොලරය-සාපෙක්ෂව-රුපියල-සියයට-2.5කින්-අවප්‍රමාණයට
Mon Aug 07, 2017 8:14 pm by nihal123

» හිල්ටන් හෝටලයට වෙන්න යන දේ මෙන්න. සේවකයන්ටත් 4% ක කොටස්
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» "ඉවත් වන්න" - ඇමති රවීට ජනපති දන්වයි
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» Chinese-backed Port City to attract $13 b in investment from 2018
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» FLCH.N0000 (F L C Holdings PLC)
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Colombo To Be Promoted As New Cotton Hub Of Asia

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Colombo To Be Promoted As New Cotton Hub Of Asia

Post by Backstage on Mon Oct 17, 2016 3:55 pm


Monday, 17 October 2016 09:50
Colombo To Be Promoted As New Cotton Hub Of Asia

The Hindu reports that the textile mills in the southern States are expected to import more cotton this year (October 2016 to September 2017). They are looking at promoting Colombo as a hub where international sellers and shippers can stock cotton and supply to the mills in south India and also to buyers in other Asian countries.

Such a project is expected to bring down the transport cost substantially for the mills in the South compared to the cost incurred now for moving home-grown cotton from Gujarat or Maharashtra to south India. It will bring stability to cotton prices in India, say industry sources here. Textile mills in Tamil Nadu now buy international cotton based on specifications quoted to them. If cotton is stocked in Colombo, they can have a look at the cotton too. A seven-member delegation from Southern India Mills’ Association visited Sri Lanka recently and had discussions with Sri Lanka Ports Authority officials.

P. Chinnasamy and A. Ilavarasu, who were part of the delegation, told The Hindu on Saturday that the members saw the facilities at Colombo port, the Free Trade Zone warehouse, and logistics facilities. “We have sought 30 days storage of containers with free demurrage,” Mr. Chinnasamy said. Cotton not only from Africa but from other countries can be stored at the Colombo port to be shipped to textile mills in south India and other south Asian countries too, based on demand. “We have invited a delegation to visit Coimbatore to have a meeting with the textile mills and cotton traders and sellers. We hope the facility will be operational by December,” he said.

According to Mr. Ilavarasu, about 50 per cent of the country’s spinning capacity is in south India. “But, logistics cost is against us.” Now, shippers bring the cotton to Malaysia and supply to the buyers in south Asian countries. The transit time is three to four months. This will be decreased if cotton is stocked in Colombo.

Traders also point out that cotton merchants need the flexibility of selling to Indian and other markets throughout the year. Countries such as Bangladesh and Vietnam buy imported cotton throughout the year. The advantage of Colombo is the connectivity to Karachi, Chittagong, Singapore and Vietnam.


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