Home / Knowledge / News / Textiles / Sri Lankan FM proposes textile cluster in budget 2017
Sri Lankan FM proposes textile cluster in budget 2017
22
Nov '16
Sri Lanka's budget 2017 that focuses on strengthening the country's economy lists out multiple benefits for the apparel and textile sector. Presenting the budget, finance Minister Ravi Karunanayake said that the government has proposed the formation of a textile cluster to include sizing, dyeing and finishing units by the private sector.

The government will support the formation of a textile cluster by providing investment relief to businesses that will invest in this venture and will also provide adequate space to save close to $2,000 million per annum. While the apparel and textile industry of Sri Lanka exported products worth $4,800 million in 2015, it imported fabrics worth $2,296 million in the same year.

Garment exporters will also be granted permission to import branded products by enterprises for reworking, operating under the commercial hub regulation. These garments will then be exported to countries where there is no preferential treatment, said the government.

The textile and handloom industry of Sri Lanka has a significant domestic market and will generate employment for many. The Industrial Development Board (IDB) will provide the necessary infrastructure and training. The board has also been requested to increase engagement with the industrialists who require knowledge transfer and upgrade the industrial estates to support the small and medium enterprises (SME) sector. The government has proposed to allocate Rs 500 million towards this sector.

The government will also allow apparel companies based in Sri Lanka to invest in overseas entities involved in apparel design and manufacture up to 5 percent of their average export turnover of the preceding three years in any given year. Profits and income of such enterprises established overseas should be received by the investing company in Sri Lanka.

As multiple industries including textiles, require thousands of trained workers, the finance minister of the country proposed a significant shift in the policy framework in vocational training, by providing scholarships to anyone who wishes to follow a vocational training programme at a state operated institution. This will enable vocational training in Sri Lanka for all at no cost. A sum of Rs 300 million will be allocated by the government to meet the cost of the scholarships to be provided under this programme. (KD)

Fibre2Fashion News Desk – India


Must ReadView All

China reportedly cancels trade talks with US, Liu He visit

Apparel/Garments | On 22nd Sep 2018

China reportedly cancels trade talks with US, Liu He visit

Washington is reportedly positive about arriving at a solution to its ...

AmCham Cambodia cautions US against possible sanctions

Apparel/Garments | On 22nd Sep 2018

AmCham Cambodia cautions US against possible sanctions

In a letter to US lawmakers, the American Chamber of Commerce...

Courtesy: ycloset

Apparel/Garments | On 22nd Sep 2018

Alibaba invests in clothes sharing platform Ycloset

Chinese garment sharing platform YCloset has completed an undisclosed ...

Interviews View All

Jurgen Gauger, Spreadshirt

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Yash Agarwal, Hitansh Online

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Veronique Lee, Modavanti

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Kamal Kulshreshth,

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

C Dhandayuthapani,

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Ramez Basmaji,

Ramez Basmaji

Fabusse is a Lebanon-based fashion agency that offers a variety of...

Robert Erichsen, Statex Produktions & Vertriebs GmbH

Robert Erichsen
Statex Produktions & Vertriebs GmbH

Statex Produktions & Vertriebs Gmbh, founded in 1978 and headquartered ...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

EDANA, the international association serving the nonwovens and related...

Silke Brand-Kirsch, Schlegel und Partner

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Divvya and Nidhhi Gambhir, Walnut

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Mike Hoffman, Gildan Activewear SRL

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search