A mammoth sum of 90 billion rupees would be pumped by the private sector to help make Sri Lanka self sufficient in sugar in five years.
This includes setting up and resurrecting the abandoned Kantale Sugar Factory.
In addtion plans are on to set up 15 new sugar cane factories.
According to the Minister of Sugar Industries, Lakshman Seneviratne, these investments would be on a build own and transfer basis with the investor given a five year period.
The annual sugar import bill to the country is 55 billion rupees which makes it the second biggest after the import of crude oil.