Sri Lanka’s Ambitious And Achievable 2020 Export Target

Sri Lanka’s Ambitious And Achievable 2020 Export Target

In spite of the global trade decline, the Sri Lankan export sector is highly hopeful of aiming for a five-fold jump of its top export of reputation- the apparel sector. This ambitious aim has taken a boost with China’s quality knitting sector all set to partner with the thriving Sri Lankan apparel sector.

The State Minister of Development Strategies & International Trade Mr. Sujeewa Senasinghe further attested to this fact by stating that they are looking to increase the total apparel exports by five-fold. By 2020, they are expecting to hit $50Bn national exports which, he stated, was an ambitious goal.

The State Minister, Mr. Senasinghe addressed his views in the inaugural event of Intex South Asia, the only exclusive international textile sourcing show in South Asia that was held in Colombo. The exhibition held at the Sri Lankan Exhibition and Convention Centre brought together textile manufacturers as well as exporters of apparels, yarns, fabrics and clothing accessories from India, Sri Lanka, Bangladesh, Pakistan, China, Taiwan, Korea, Indonesia and Hong Kong.

The Sate Minister further added that Sri Lanka’s apparel sector has done well even in unfavorable times. He also mentioned that years ago the apparel sector had a value addition of only 20% but now it adds up to 60% and they are looking to increase the figures to 80% in the future. To enhance exports, they are looking to set up 5000 new factories in five years, 45 new industrial zones that are designated to each region as well as working on a GSP and trade agreements with other countries.

At the Colombo Intex, numerous international participants commended the Sri Lankan apparel sector and the inroads it has made in the global market. Furthermore, they even expressed eagerness to partner with the Sri Lankan textile sector. One notable event is the Chairman of Exhibition Affairs Committee of Hong Kong General Chamber of Small & Medium Business, who is an exhibitor participant representing the mainland’s China Knitting Industrial Association, Beijing, David Li expressed his views and stated that the Intex Colombo event has gotten the attention of the China Knitting Industrial Association.  He also mentioned that there is a strong likelihood of a big delegation heading to Colombo from CKIA.  This is the first such occasion where a specialized apparel delegation from China will look to partner with the Sri Lankan apparel sector.

Creative Textile Mill (Pvt) Ltd has strongly contributed to the growth of Sri Lanka’s apparel sector and for years they have been the leading name in the textile industry in Sri Lanka as well as the leading wholesale fabric suppliers and knitted fabric suppliers in Sri Lanka.

 

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