Despite the slowdown in the global apparel sector, Sri Lanka’s first textile manufacturer Hayleys Fabric said it is looking to increase its focus on value addition by moving to the higher-end of textile manufacturing. The company said it remains on high alert to respond to potential threats while pursuing its growth strategy focused on the synthetic fabric portfolio.
“Sri Lanka’s economic crises and the resultant political instability have blurred the outlook for the country.
Sri Lankans have remained resilient throughout history with the ability to navigate past the rapids to calmer waters and will unite to set the country on the road to recovery,” said Hayleys Fabric Group Chairman A.M. Pandithage in the company’s latest annual report.
The chief shared that with increased production capacity and full order books, the year ahead is looking positive. “Our employees have been cooperative and supportive, understanding that we need to work together to move past the present storm. The same discipline and multi-stakeholder-driven approach that supported the phenomenal growth delivered this year will be key to moving past the crisis,” he added.
While the present local economic scenario looks grim, Hayleys Fabric Group Managing Director and CEO E.R.P. Goonetilleke said there is hope and potential to brave through the turmoil. “When looking at the geopolitics, where there is a distribution of sourcing destinations, which was predominantly Chinese, and the outlook for Sri Lanka is good,” said Goonetilleke in his message in the 2021/2022 annual report.
