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Sri Lanka to become regional apparel sourcing hub
31
May '07
Other companies that have already made firm commitments to the park include Fountain Set (Hong Kong), Pioneer Elastics (Hong Kong), Brandix Finishing (Sri Lanka), Quantum Clothing (UK), CMT (Mauritius) and Brandot (US). Customer commitments to date include Victoria Secret, Gap, H&M, Hanes, Decathlon, and Marks & Spencer.

MAS holdings signed an agreement with the Indian government in January this year, to set up a 750 acre textile Industrial zone in the Nellore District of Andhra Pradesh, with an investment of US$ 200 Million. MAS holdings expect to export around US$ 400 million worth of fabrics within the next five years.

MAS has been producing Apparel in India since the early 1990's and they are now in the process of creating their own intimate apparel brand for the Indian market, and will be launched in August this year in Bangalore.

Investors in the Sri Lankan owned textile parks can enjoy duty free status; 100% foreign direct investment with full and free repatriation of export proceeds and dividends; duty, tax and cess free procurement from domestic tariff areas, service tax exemption. Income tax benefits include exemption for the first 0-5 years, 50% from 6-10 years, and a further 50% during years 11-15 based on reinvestment of profits.

India produces 3% of the world's textiles, is the second largest producer and consumer of cotton, has the second biggest spinning capacity, accounts for around 12% of textile fiber and yarn produced globally.

35 million are employed in India's apparel industry, which accounted for around 15% of all industrial production and around 30% of all exports (US $17 billion). The country plans to increase exports to US $50 billion by 2010 with apparel accounting for half of all exports.

Fibre2fashion News Desk - Sri Lanka


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