Sri Lanka announces ambitious export target

17 Nov '15

2 min read

Despite falling global trade, the Sri Lanka is aiming for a highly ambitious five-fold jump of its top export product - apparels while China's premium knitting sector is gearing up to partner with surging Sri Lankan apparel sector, according to media reports in the country.

“We are looking to increase total apparel exports by five-fold, to $20 billion. And by 2020 we are aiming at $50 billion national exports, which is an ambitious goal,” said Sujeewa Senasinghe, State Minister of Development Strategies & International Trade at the inauguration at the inaugural Intex South Asia International apparel Fabrics and Accessories Exhibition in Colombo on November 16.

The Colombo exhibition at Sri Lanka Exhibition and Convention Centre, brings together textile manufacturers and exporters of Yarns, Apparel Fabrics and Clothing Accessories from India, Pakistan, Bangladesh, Sri Lanka, China, Korea, Taiwan, Hong Kong, and Indonesia. More than 50 Indian material suppliers of are taking part at this event. Sri Lanka's Export Development Board (EDB) is a co-organiser on the event.

Sri Lanka's apparel exports of all types-the main contributor in country's total exports basket claiming 40 per cent, stood at $4.5 billion in 2013 and surged by 9 per cent to $4.9 billion in 2014. January-September 2015, apparel exports of all types grossed $3.6 billion.

Sri Lanka has gained international reputation as a reliable and a high quality manufacturer supplying to many reputed international brands such as Victoria's secret, GAP, Liz Claiorne, Next, Jones New York, Nike, Tommy Hilfiger, Pink, Triumph, Ann Taylor and Speedo among others which testifies its capabilities.

The event was organized in association with India Cotton Textiles Export Promotion Council, Power loom Development Export Promotion Council, Taiwan Textile Federation, Korea Trade Promotion Agency, Hong Kong Apparel Society. (SH)

Fibre2Fashion News Desk – India