Sri Lanka’s apparel industry is expected to register a growth rate of four percent this year keeping its growth momentum intact. From January to November, 2010, country’s apparel industry recorded growth rate of 3.7 percent in export income only.
Sri Lanka exported apparels worth US$ 3.038 billion surpassing US$ 2.930 billion revenue during the same period in 2009.
Sri Lanka Garment Buying Offices Association President J D R Sylvester said that the industry was really booming except few hiccups and was expected to end the year with a four percent growth rate.
He emphasized for a strategic plan for 2012 to increase installed capacity as well as to work out a mechanism to reopen factories, closed during the recession time. He told that that would certainly help the industry in changing the business climate.
Sri Lanka Garment Buying Offices Association Secretary General Hiran Bandaranayake told that the apparel industry needed production integration and bilateral trade promotion to capture market opportunities. He told that despite the loss of GSP+ facility the country was doing well and the industry was confident to surpass projections.
In Sri Lanka, a sum of Rs. 40 million has been allocated from the consolidated fund per year to promote the local apparel industry. This year this fund has been diverted for an image building campaign of the industry.
The Joint Apparel Association Forum (JAAF) has started a countrywide image building campaign from February 2011 to highlight the contribution of garment factory workers in the development of national economy.
In addition to that, many closed garment factories in the country have been acquired by major garment factories starting work at full capacity. Because of these measures, the industry has created around 400,000 jobs in various manufacturing processes.
At other level too, efforts are made to strengthen the industry. The Moratuwa University has planned a hub with help from the Joint Apparel Association Forum (JAAF). It will help in building the industry, with training as well as quality and product development. The JAAF human resources program will also help to uplift the industry, reported Fibre2fashion News Desk - India.