Hayleys PLC Chairman and CEO Mohan Pandithage outlined a comprehensive analysis of the current state of the rubber industry and highlighted strategic initiatives necessary for its future growth and sustainability.

Attending as the Chief Guest of the 105th Annual General Meeting of the Colombo Rubber Traders’ Association (CRTA) last Friday, he remarked the critical need for compliance with international standards, adaptation to environmental challenges, and a collaborative effort among stakeholders to achieve long-term success.

“As Sri Lanka aims for its ambitious $ 50 billion export income target by 2030, the rubber industry’s alignment with global standards and sustainable practices will be pivotal in driving economic growth and social development,” he said.

Pandithage underscored the industry’s significant impact on rural livelihoods, social development, foreign exchange earnings, and international trade to boost economic growth, whilst also highlighting the emerging environmental and social challenges that threaten its long-term sustainability.

He pointed out that aligning with international standards, particularly the European Union’s deforestation regulations set to take effect on 1 January 2025, is vital for maintaining market access.

“Sri Lanka must align with EU laws and market expectations, especially new green initiatives like the European Union deforestation regulations,” he stated.

Pandithage stressed that compliance with these regulations is essential for the industry’s survival and growth in the global marketplace.

The Hayleys PLC Chairman also addressed the need to tackle increased wages, rubber plantation related diseases, and climate change impacts.

He advocated for the replacement of rubber in dry zones, adaptation with regenerative practices, and achieving compliance through international standards and certifications. These measures, he pointed out, would ensure the industry’s long-term sustainability and growth.

However, Pandithage also emphasised the importance of cultural change and competitiveness within the sector.

He called for all stakeholders to work together to explore how the rubber industry can contribute towards the United Nations Sustainable Development Goals (SDGs). “All stakeholders must also work together to explore avenues in which the industry can contribute towards the UN SDGs to address some of the world’s most pressing issues,” he said. He said this collaborative approach is essential for creating a dynamic, sustainable, and resilient industry.

Pandithage highlighted the need for the industry to shift from traditional farming to modern, smart agriculture-based systems.