Apparel industry to hit US$ 5 b by 2015
Government endorses JAAF initiatives:
Sri Lanka's apparel industry will be launching an industry growth
drive in 2011 and an awareness campaign to increase apparel export
incomes to US$ 5 billion in 2015.
The government's latest development policy framework, based on the
Mahinda Chinthana, from National Planning Department of the Finance and
Planning Ministry, titled 'Sri Lanka, the Emerging Wonder of Asia,' has
also earmarked the apparel industry for growth.
workers working hard to achieve set targets
The national development policy framework notes that the apparel and
textile industry is a significant contributor to the Sri Lankan economy
with the highest net foreign exchange earnings. In 2009, export incomes
from the sector accounted for 46 percent of total export incomes of the
country at US $ 3.262 billion.
The policy framework notes that local apparel manufacturers must
develop new products to overcome increasing competition in international
markets and to remain competitive. "Three textile processing zones will
be established in order to enhance the value addition in apparel
exports. Special emphasis will be paid to product diversification and to
produce raw fabrics, other raw materials and accessories to feed the
apparel industry," says the Sri Lanka, the Emerging Wonder of Asia
The industry has already positioned itself as an ethical manufacturer
of apparel among its local and international stakeholders.
"As pioneers in ethical business practices, passionate advocates of
Garments Without Guilt, and home to the world's first green factories,
it is obvious how committed we are towards our social and ecological
responsibilities," said the Joint Apparel Association Forum (JAAF)
The JAAF notes that Sri Lanka has always been among the most
progressive in the world when it comes to ecological awareness and
responsibility. With numerous programs that include marine conservation
and preservation, Sri Lanka has always stepped up for the environment.
The Sri Lankan apparel industry also offers three other major advantages
to international buyers.
The first and foremost being the speed of delivery, based on Sri
Lanka's unique geographical location, the industry's vertical
integration and interconnectivity within the country. "From
manufacturing to logistics, Sri Lanka Apparel has learned to cut
timelines, offering our clients the benefit of faster turnaround," said
the JAAF. The second strong point of the industry is its ability to
supply world class products through the latest technologies and the
capacity to innovate. "With a strong focus on building up design
capabilities, the latest technologies and the capacity to innovate, Sri
Lanka Apparel has been offering clients world-class products for over
four decades," said the JAAF. The third advantage offered by the apparel
industry is Sri Lanka's favourable business policies and investor
"Sri Lanka is ranked the most liberalised economy in South Asia.
Investors are provided with preferential tax rates, constitutional
guarantees of investment agreements, exemption from exchange control,
and 100 percent repatriation of profits. Total foreign ownership is
welcome in almost all areas of the economy with only a few areas limited
or restricted to foreigners," the JAAF noted.
The JAAF states that the apparel industry growth drive, supported by
its awareness building campaign, will directly contribute towards
increasing apparel export incomes to US$ 5 billion by 2015.