The Board of Investment of Sri Lanka granted investment approval to set up a project related to medicinal plant cultivation.

Phytosynthese Lanka signed the agreement to set up a project to cultivate medicinal plants and extract plant based medicinal compounds for export.

The company will be engaged in the cultivation of turmeric in the Eastern Province. The compound extracted from turmeric is high in medicinal value and is used as an ingredient to manufacture animal care products.

The company is an initial investment of Rs. 25 million providing employment for 40 at initial stages. The venture will initially commence operations with the outgrow farmer model with the assistance of local authorities, providing aid to farmers of the area to cultivate turmeric. The company also expects to establish a state-of-the-art extraction plant to extract medicinal compound from turmeric.

“Sri Lanka inherits a history of traditional medicine and expects that the venture will help expand trade relations between France and Sri Lanka”, said Mr. Picaud, Managing Director of Phytosynthese, France.

He also noted the company will later invest in the development of irrigation systems and high technology extraction plants.