International apparel firms are doubling down on their investments in Sri Lanka and are expanding their production capacities, sending positive signals even in the midst of a historic economic meltdown.
An internationally reputed producer of accessories for the global lingerie industry – Prym Group is a company with a rich legacy of close to 500 years, including over two decades in Sri Lanka. Already providing quality livelihoods for over 500 Sri Lankans, the company has benefited immensely from its presence in Sri Lanka, according to CEO of Prym Group Dr. Ansgar Nonn.
“We are closely monitoring the situation in Sri Lanka, but from what we ourselves have experienced and from the reports of our teams on the ground, disruptions to our operations have been minimal. The situation has settled down in recent weeks, but even a few months prior, when the crisis was critical, the local team was able to step up and demonstrate phenomenal commitment and resourcefulness to complete our orders smoothly.
Based on our past experiences and the continuous success that our Sri Lankan operations have achieved despite such major obstacles, we are even more bullish on our presence in the island, and we are currently in the process of investing in machinery and training for our local teams, in preparation for the launch of further production capacity,” Nonn stated.
Speaking on the reason Sri Lanka is seen as an ideal destination for apparel manufacturing Dr. Nonn stated it was important to consider a country which already had established a higher level of technical expertise, in order to be capable of handling Prym Group’s requirement for specialized accessories for the global lingerie industry.
“We realized very quickly that Sri Lanka was the perfect fit. Even at the time, the pool of talent was highly literate, and therefore extremely adaptable. The industry as a whole had a strong commitment to social and environmental sustainability. Taken together with Sri Lanka’s unique location, the island was ideally aligned to our needs. In the two decades that have followed, we have seen our operations grow from strength to strength, and become an integral and valued component in our global supply chain,” Nonn stated.
He also commended the extraordinary support provided by relevant state authorities including the BOI in minimizing disruptions caused by recent fuel and energy shortages.
Nonn concludes: “In the two decades we have been operating out of Sri Lanka, we have seen much volatility, but throughout, our teams on the ground have been incredibly creative and efficient in overcoming the issues we experience, in order to keep hitting our targets. The latest challenges have only served to bring out the best in our people, and they deserve all the credit. Their performance further validates our original decision to enter this market, and the prevailing crisis has only served as an opportunity to bring out the best in our people.”