Why Sri Lanka? Why Now ?

Why Sri Lanka? Why Now ?

The Island Nation Of Srilanka Has A Diverse Economy Of Which Textile Industry Has The Biggest Share. Around 15% Of The Total Workforce Of The Nation Is Employed Under The Textile Sector. If One Talks About The Women Empowerment, This Island Nation Solely Believes In It As The 80% Workforce Of Textile Industry Comprises Of Women. The Approach Of The Market Is Export Centric. The Industry Has Developed Since 1985 When Multi-Fiber Trade Agreement Was Signed, Due To Quota System, Srilanka Got The Maximum Benefit. USA Is The Largest Importer Of The Produce. Not Only The Apparels And Garments, But Also The Warehouses In Srilanka Are In State-Of-Art Condition Thereby USA Prefers The Warehouses Of Srilanka For Storage Purposes. The Industry Has Enjoyed A Robust Growth In The Recent Years As The Multi Fiber Arrangement Has Favored The Industry Since 1978. It Has Been A Transforming Journey From Manufacturing Ethnic And Handloom Products To Manufacturing The Trendy And Versatile Garments Covering All The Aspects. From Swimwear To Kids Wear, Women’s Clothing To Men’s Clothing, Sri Lankan Textile Industry Has Since Long Been Catering To The Demands Of The Fashion Industry Too. Top 3 Textile Companies In Srilanka Have Been Featured In Top 50 Garments Companies In The World.

In Figures

The country has maintained a stable growth chart with regard to its apparel exports that were reported to be around US $ 4.26 billion during the year 2013-14. Sustaining the growth of 13 percent is impressive for Lanka and this growth has been attained with the American and European markets recovery after the economic slowdown. Also there has been a considerable increase of 20.2 percent in knit apparel exports. The export figure of woven apparel has also shown increase of 5.1 percent. Nevertheless year 2014 saw an almost unremitting downtrend in the export figures, following a steep decline in retail sales in the United States. Fortunately, these challenges have not deterred Lanka in pursuing its ambitious target of generating revenue of US $ 5 billion from the apparel sector by 2016. The Export Development Board of Lanka is making an endeavour to help the textile manufacturing and processing sector attain a target of 30 million meters and also to introduce new forms of technical textile in order to increase the exports.

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