The Sri Lanka Consumer Cooperative Federation (COOPFED) has signed two Memoranda of Understanding (MoUs) with Lanka Sugar Company and BCC Lanka to strengthen local industries and provide essential commodities to consumers at affordable prices.
The agreements mark a significant milestone for the cooperative movement, enabling consumers to access quality locally produced goods directly through the cooperative network.
Under the initiative, COOPFED will receive 1,000 metric tonnes of brown sugar per month from Lanka Sugar Company and 20,000 litres of packaged coconut oil, along with other products including soap, from BCC Lanka.
These products will be distributed through a network of 75 consumer cooperative societies, reaching approximately 3,500 local retail outlets across the country.
COOPFED said the initiative aims to reduce the role of intermediaries, help stabilise market prices and position the cooperative network as a price setter in the market.
The federation also plans to expand its retail network from 3,500 outlets to 10,000 by 2029.
In addition to promoting local products, COOPFED announced plans to import and distribute quality products in partnership with Indian cooperative societies.
Addressing the event, Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe said consumer cooperatives play a vital role in strengthening the bargaining power of both producers and consumers, noting that cooperative membership is widespread even in developed economies.
He added that the Government intends to further strengthen the country’s cooperative network and, together with the Ministries of Finance and Trade, enhance the cooperative banking system to provide greater support for small and medium-sized enterprises.
