Sri Lanka Export Development Board (EDB) has devised a five year plan to support the country’s textile sector.
The plan has been devised to boost investment in latest technology for textile processing and fabric manufacturing and human resource development by allowing an initial protection period on procurement of apt quality products at right price.
The move is intended at enabling the textile sector to enhance its contribution as supplier of raw inputs to domestic apparel industry, so as to help it reduce its textile imports.
The initiative would help the textile manufacturing and processing industry to achieve a production target of 30 million metres or 10 million kg of fabric.
It would open up new arenas for export of technical textiles, and would also help the industry achieve a target of US$ 1 billion in exports.
Investments for introducing state-of-the-art technology in textile processing and fabric manufacturing would allow the country to cut 35 percent of its imports. Besides, this investment would also facilitate formation of dedicated zones for efficient clustering of processing, mainly for weaving and water treatment plants.
According to EDB, the Government would also sanction funds for developing professional competence in the country’s industry and for helping independent laboratories to win ISO 17025 accreditation.