Sri Lanka’ Browns to invest Rs. 15.3 billion to set up most modern, largest textiles plant
Sri Lanka’s Browns Group has decided to invest Rs. 15.3 billion to put up the country’s most modern and the largest textiles plant in the Kurunegala District due to the growing prospects of the apparel export sector.
Sri Lanka’s Board of Investment (BOI) has reportedly signed the agreement on this project recently between Brown and Company PLC Group CEO T. Sanakan and BOI Director General Renuka Weerakone.
Sanakan, along with new Project Division Heads Dulip Samaraweera and Charitha Jayasingha have reportedly taken the initiative to save extensive outflow foreign exchange on the import of much needed fabrics for the apparel manufacturing industry for exports.
According to reports, the project is driven with the expertise of Prithiv Dorai and Kenneth Wijesuriya, who are well versed with the textile manufacturing industry.
Sri Lanka’s apparel and textile industry is the leading income generator in foreign exchange to the country at present by bringing in $ 5 billion dollars, of which almost $ 3 billion is spent annually on import of raw materials.
Brown and Company has stated that the project will be established in Mahakandura and the plant will also embrace the green concept in textile manufacturing with modern state of art machinery with very latest in technology.
Sri Lanka’s apparel exports industry is one of the main revenue generators of the country showing continuous growth and an increasing business potential. The many trade agreements as well as trade concessions enjoyed by the country have also helped boost Sri Lanka’s exports industry, especially the apparel exports sector. The Sri Lankan government has also provided incentives to promote further investments in the country’s apparel industry. Even amidst the global pandemic, the country’s apparel industry continued operations indicating the strength and resilience of the sector. The setting up of a textile plant that would enable the apparel industry to locally source its textile requirements would further help local apparels become more competitive in the international markets. Given the growing business potential in the apparel industry, foreign businesses/investors could explore the opportunities in Sri Lanka’s apparel exports sector as well as supplementary facilities. They could also look at forming partnerships or joint ventures with local businesses to expand operations.
|Article Code :||VBS/AT/17062022/Z_1|