Sri Lanka prepares for first ever textile and apparel roadshow in UK
Daily FT: Sri Lanka is preparing for the first ever textile and apparel roadshow in UK, the third biggest market for the sector with the aim to boost exports to $ 1 billion in two years from around $ 600 million at present.
The landmark roadshow is a joint initiative by the Sri Lanka Export Development Board (EDB), in collaboration with the Sri Lanka Apparel Sourcing Association (SLASA), Sri Lanka High Commission in UK, and the Joint Apparel Association Forum (JAAF).
Titled ‘Sourced Sri Lanka – Textile & Apparel Roadshow’ the event is scheduled to take place June 2024 in London.
EDB said this event, set to take place in early June in the city of London, will feature 50 exhibitors and is expected to attract a diverse audience of a 1000 foreign buyers and Sri Lankan trade visitors.
The collaboration aims to establish new connections and strengthen existing ties with UK buyers in order to reach a historic milestone for Sri Lanka’s apparel export industry.
Sri Lanka’s apparel export sector has faced challenges, including declining demand in high-end markets like the United States, United Kingdom, and European countries over the past two years. In response, the ‘Sourced Sri Lanka – Textile & Apparel Roadshow’ is a strategic initiative to identify new markets and build relationships with new buyers.
This roadshow is particularly significant as Sri Lanka has not had a stand-alone show in any country for over two decades to promote exports starting in the UK in 2024; the plan is to expand the roadshow to Germany, Japan, USA and Australia in the coming years. The ambitious goal is to increase apparel exports to the UK to $ 1 billion by 2026, leveraging the benefits of the UK Developing Countries Trading Scheme (DCTS). In 2023, apparel exports to the UK amounted to $ 626.74, down by 13% from the previous year. Exports to the UK accounted for 14% of the total in 2023.
The roadshow provides a unique platform for Sri Lankan apparel manufacturers to exhibit their products, emphasising the unique blend of craftsmanship, creativity, and sustainability that sets them apart. Direct interactions between Sri Lankan businesses and potential UK buyers, retailers, and distributors are expected to build trust and collaboration, aiming to establish strong ties in the UK market.
With a global shift towards sustainable fashion, Sri Lanka, known for its commitment to ethical manufacturing practices and eco-friendly initiatives, aims to position itself as a preferred choice for environmentally conscious consumers in the UK. The roadshow will be an opportunity to communicate these values and dispel any misunderstandings about Sri Lankan apparel.
OSL take:
Sri Lanka’s manufacturing and exports sectors are two key performers of the country with the export sector being one of the key revenue generators of the country. Local authorities are currently engaged in several programmes to expand Sri Lanka’s export industry by promoting local exports in New foreign markets while also encouraging local exporters to expand the country’s existing export product portfolio. It is in such a backdrop that Sri Lanka is currently engaged in many promotional campaigns in key foreign markets as well as new markets. The roadshow in the UK planned for June this year is a key event aimed at further expanding Sri Lanka’s exports industry with special focus on the country’s apparel sector. The roadshow will also provide an opportunity for foreign businesses/investors to explore the growing opportunities in Sri Lanka’s apparel sector including the incentive schemes for foreign investors as well as the trade benefits enjoyed by Sri Lanka that could help potential investors in their operations. Given the growth and business potential in Sri Lanka, foreign businesses/investors could confidently explore the expanding opportunities in Sri Lanka’s exports industry, especially in the apparel sector.
| Article Code : | VBS/AT/20240219/Z_3 |