MFA having positive impact on apparel industry - Pennes

by Shirajiv Sirimane

The Multi Fibre Agreement (MFA) which was introduced this year is having a positive impact on the apparel industry said International Sales Director of world's largest US apparel sourcing and fabric show, MAGIC, David Pennes.

He said that earlier buyers and sellers were restricted and today it is broad based. "Today buyers and sellers have more places to shop," he said. Pennes also said that he does not think that the entry of China to the apparel market would not have a negative impact to Sri Lanka.

"World still recognises Sri Lanka as a top player in the global apparel industry and Sri Lanka has not also compromised its quality for any thing," he said. What Sri Lanka should do is to organise themselves properly in the global apparel market.

He said that MAGIC is full supportive for Sri Lanka and the developing countries and would assist them in any way they could. The next MAGIC even would be held in August in Las Vegas and over 15 companies from Sri Lanka would attend the event. Export Development Board (EDB) has taken a lead to promote this event.

"MAGIC is a tremendous opportunity for Sri Lankan apparel companies to grow new businesses, cultivate existing relationships, and discover new sources of revenue. There is simply no better investment you can make to market your company's product and services to this many buyers," he said.

Buyers from over 80 countries would attend this event and sales worth over $ 168 Billion are made at the event while over 90% find new suppliers at the show.

Pennes would be also conducting a one day workshop today at 6 p.m. at the Galle Face Hotel on 'How to Compete in the US market'.