COLOMBO, May 28 (Xinhua) -- Sri Lanka's cabinet has approved a proposal to hold the 60th Session and Ministerial Meeting of the International Coconut Community in November this year, the government's information department said on Tuesday.

The event is proposed to increase foreign exchange earnings, promote the Sri Lankan coconut industry among member countries and improve cooperation between key stakeholders in the coconut sector, the department said.

The department said the cabinet approved the proposal presented by Minister of Agriculture and Plantation Industries Mahinda Amaraweera to hold the event using the income earned by the Coconut Development Authority and the contribution of several private institutions in the sector.

Coconut accounts for approximately 12 percent of all agricultural produce in Sri Lanka, according to the Export Development Board of the South Asian country.