Sri Lanka’s apparel sector aims to reach $8 bn in exports by 2025

At the Sri Lankan Economic Summit 2021 hosted by the Ceylon Chamber of Commerce (CCC), Hildaramani said that in addition to the Generalized System of Preferences, (GSP +) tax incentives will be applied to Sri Lankan clothing exports based on the rules of origin. He said it was only about half of the. This has to do with whether the garment is well born from the country in which it is applying for concessions.

“The fastest growing segment is active and lounge apparel, which requires many materials traditionally manufactured, especially in the Far East of China and Taiwan, thus facilitating investment in the local fabric supply chain. Government and industry initiatives to do so are very important to our strategy, “he said.

According to industry experts, Sri Lanka’s apparel sector is targeting exports of $ 8 bn by 2025, from $ 5.5 bn earned in 2019 by increasing investment in the local supply chain. According to Aroon Hirdaramani, Director of the Hirdaramani Group, such investments will improve lead times and add value to the industry. This is currently about 55 percent.

“There was a proposal to set up a textile zone in Eravur. This will be an eco-friendly textile zone due to the recycling of water and the use of sustainable energy. We have invested in the zone and other textile factories. We are also working very hard to attract some major textile players to invest in, “he said in a media report in Sri Lanka. In order for Sri Lanka to gain such significant market share, it is crucial to gain FDI inflows from major raw material players from different parts of the world, he said. “The policies and ongoing incentives given to these suppliers must be consistent and many of us want to partner with them,” added Hirdaramani.