COOPFED signs historic MoUs with Lanka Sugar and BCC Lanka
- To deliver quality local products through 3,500 cooperative stores
The Sri Lanka Consumer Cooperative Societies Federation (COOPFED) has signed two landmark Memoranda of Understanding (MoUs) with Lanka Sugar Company and BCC Lanka Company to strengthen local industries while providing essential consumer goods to the public at affordable prices.
This marks a historic milestone in the cooperative movement, enabling consumers to access high-quality locally produced goods directly through the cooperative network.
Under this new initiative, Lanka Sugar Company will supply 1,000 metric tons of brown sugar per month, while BCC Lanka Company will provide 20,000 liters of bottled coconut oil per month, along with soap and other locally manufactured products. These goods will be distributed through a network of 75 consumer cooperative societies, reaching more than 3,500 regional cooperative retail outlets across the country.
By eliminating unnecessary intermediaries, the cooperative network aims to stabilize market prices and serve as an effective price stabilizer, ensuring consumers receive quality products at fair prices.
COOPFED also plans to expand its retail network from 3,500 outlets to 10,000 by 2029. In addition to promoting locally manufactured products, the Federation has taken steps to import quality products in collaboration with Indian cooperative societies for distribution through its network.
With a long-standing history of trust and sustainable business practices, COOPFED remains committed to improving the economic well-being of both its members and consumers. By promoting local industries and reducing market monopolies, the Federation continues to demonstrate the vital role of the cooperative movement in building a stronger and more equitable economy.
Speaking at the event, Industry and Entrepreneurship Development Deputy Minister Chathuranga Abeysinghe stated that even in developed countries such as the United States and across Europe, one in every five people is a member of a consumer cooperative. He emphasized that cooperatives play a crucial role in strengthening the bargaining power of both producers and consumers. The Government also plans to further expand the existing cooperative network and develop it into a comprehensive ecosystem.
The Deputy Minister further noted that the Ministry of Finance and the Ministry of Trade are working together to strengthen the cooperative banking system, which will provide small and medium-sized enterprises (SMEs) with a stronger platform to bring their products to the market.
The event was attended by COOPFED Chairman and Trade, Commerce, Food Security and Cooperative Development Adviser Dr. Shantha Jayaratne, COOPFED CEO Roshani Pradeepa, BCC Lanka Chairman Prasanga Indrajith, Lanka Sugar Company Chairman Wasantha Athula Kumara, and Director/CEO Dharmavardhana Udaya Kumar.
Source: Daily FT