The apparel industry will continue its growth momentum and is expected to end the year by recording a growth of four percent. The industry is really booming except for a few hiccups, Sri Lanka Garment Buying Offices Association President J D R Sylvester said. A sum of Rs 40 million allocated from the consolidated fund per year was spent to promote the local apparel industry in the past and this money will be diverted to the new image building campaign this year.
Many closed down garment factories in the country have been taken over by major garment factories and work is in full capacity now. The industry has managed to create around 400,000 jobs in various manufacturing processes in the apparel industry.
“A strategic plan needs to be put forward for 2012 to increase capacity and to work out a mechanism to reopen factories closed during the recession. This would certainly help our industry and change the business climate,” Sylvester said.
The Moratuwa University
The apparel industry needs to promote production integration and bilateral trade to capture market opportunities. Despite the loss of GSP+ facility the country is doing well. The industry is confident that it could surpass expectations this year, Sri Lanka Garment Buying Offices Association Secretary General Hiran Bandaranayake said.
The Joint Apparel Association Forum (JAAF) has begun implementing a countrywide image building campaign from February 2011 a bid to highlight the contribution of garment factory workers towards the improvement of national economy.
The Association is working with the Joint Apparel Association Forum to promote the industry and “Garments without Guilt” has made Lankan garments very popular internationally.
The apparel industry recorded an export income growth of 3.7 percent from January to November of 2010 with exports totalling US$ 3.038 billion compared to US$ 2.930 billion during the same period in 2009 and anticipate that the year will end with a four percent growth.
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