Sri Lanka on way to achieve $10bn apparel export by 2016

02 Apr '14

2 min read

The island country of Sri Lanka is on its way to achieve the apparel export target of US$ 10 billion by 2016, set by President Mahinda Rajapaksa, Minister of Industry and Commerce Rishad Bathiudeen has said.

Speaking at an event at the Sri Lanka Institute of Textile and Apparel (SLITA) in Ratmalana, the Minister said the country’s apparel sector has showed strong performance earning revenues of $4.3 billion in 2013, and Sri Lanka is now paving way for bigger apparel dreams, ft.lk reported.

President Rajapaksa wants to see the country among the top ten garment exporting nations of the world by 2020, the Minister informed.

He said that in 2013, Sri Lankan apparel sector entered the G4 manufacturing levels for the first time, in collaboration with PVH Corporation.

In G3 level, foreign retail teams reach out to engage with Sri Lankan suppliers who are global multi-country manufacturers, while in G4, supplier teams of Sri Lankan multi-country manufacturers reach up to engage with foreign retailers.

SLITA, which operates under the Ministry of Industry and Commerce, offers training, testing, consultancy and technical services. The testing lab at SLITA is internationally accredited and is certified with ISO 17025 and 9001 standards, the Minister said.

Mr. Bathiudeen thanked the President for providing triple deductions in the last budget for research and innovation carried out within apparel businesses, which has encouraged strong performance of the sector.

Textiles and garment exports from Sri Lanka grew by 23.4 percent to $ 412 million in January 2014, compared to exports of $333.9 million made during the same month last year, according to the data from the Central Bank of Sri Lanka.

Fibre2fashion News Desk - India