Sri Lanka is not hiding its optimism for its apparels in the post GSP Plus era –especially a further $400 Mn revenues from exports are now in the pipeline for the sector.
“We have received the GSP Plus, and apparel exports are projected to increase” said Minister of Industry and Commerce Rishad Bathiudeen on 15 September in Colombo.
Minister Bathiudeen was addressing the launch event of 9th Colombo International Yarn & Fabric Show 2017 – Fall Edition along with its concurrent exhibitions International Home Textile Sri Lanka Expo 2017 and 2nd Sri Lanka International Air Freight, Shipping & Logistics Expo 2017, at Sri Lanka Exhibition and Conventions Centre, Colombo. Minister Bathiudeen was joined by his top officials and Group CEO of CEMS-Global USA & Asia Pacific S. S. Sarwar. This business to business exhibition hosts exhibitors from Taiwan, China, India, Korea, Singapore and Sri Lanka.
“Business-to-Business exhibitions such as this play an important role since a range of textile products enhanced with the latest technology are made available for Sri Lankan industries” said Minister Bathiudeen and added: “Global Manufacturers and Suppliers are making them available directly to our Industry in Sri Lanka at this event which is taking place at a time when our Unity Government of HE the President Maithripala Sirisena and Hon Prime Minister Ranil Wickremesinghe is making every effort to diversify our exports basket and enhance its contribution to the GDP. Promotional and networking events of our apparel industry are therefore now more important than ever since it establishes our brand identity globally. In fact this event is taking place at an interesting time. We have regained the GSP Plus that we lost in 2010 and as a result our exports including apparel exports are projected to increase. Last year our apparel exports totalled US $ 4.8 Billion and in the first six months of this year it was at US $ 2.7 Billion. I believe this event also brings world’s leading manufacturers of the apparel supply chain including dyes, chemicals, yarn, fabric and logistics experts to Colombo. Therefore I urge all local participants to make the most from this event.”
Sri Lankan apparel industry sources revealed on 15 September that the recently regained GSP Plus with European Union can annually generate additional apparel export revenues of US $400 and this can even go up to $ 500 Mn, thereby significantly boosting the sector’s contribution to overall export revenues. The industry employs a workforce 400,000.