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Sri Lanka: EUs preferential access to boost exports

Sri Lankan apparel exports may receive a significant boost through a European Union (EU) decision to permit sourcing of fabric from Indonesia, Thailand and Malaysia as the industry targets $ 5 billion in earnings this year. Sri Lanka Apparel Exporters Association (SLAEA) chairman Felix Fernando, speaking at the 35th Annual General Meeting, said the industry was ‘grateful’ and ‘delighted’ with the restoration of GSP+. Fernando urged the gathering, to maximise the use of GSP+, SLAEA with JAAF requested the Department of Commerce to explore the possibilities of identifying the possibility of making a joint request to the EU between Sri Lanka and selected ASEAN countries to agree on cross regional accumulation of fabric.

From 2004 to 2011 apparel exports grew 50 per cent but over the last six years it has stagnated following the loss of GSP+, noted Fernando, however, in July, August and September 2017 exports have been robust and it is clear that GSP+ is having an effect. Overall exports are expected to surpass the $5 billion mark for the first time due to the boost given by preferential access to the European Union, he added. As the industry will have GSP+ for the entire 2018, an additional increase is expected. Fernando also called for assistance to link Sri Lanka’s apparel industry with the fashion and import industries in Germany to boost engagement and increase exports.

As per the proposals outlined in Budget 2018, the government has realised the limitations in the domestic market and looking at positioning Sri Lanka as an export-oriented hub at the centre of the Indian Ocean. He also hailed shipping liberalisation and said the SLAEA and JAAF publicly support Finance Minister Mangala Samaraweera’s stand. Amendments to the Shop and Office Act were also praised.

 
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