Sri Lanka to discontinue importing of handloom and batik textiles to promote local production
Sri Lanka’s President Gotabaya Rajapaksa has recently announced the discontinuation of the importation of handlooms and batik textiles to the country.
The decision has been taken with the expectation of boosting the local production and attracting new producers to the industry.
The President has made this observation during a discussion into the issues encountered by those who are engaged in the garment industry and textile industry at the Presidential Secretariat recently.
According to reports, finding additional market opportunity for locally produced readymade garments over apparels manufactured using imported materials had been discussed at length during the meeting.
The promotion of locally manufactured garments is expected to reduce the amount of foreign exchange that flows out of the country.
The President has noted that higher standard in the production of school uniforms and other uniforms are necessary. Also, the establishment of a broader market for readymade garment manufacturers and local traders through decisions taken in unison and the requirement of a base centre conveniently accessible for the international market to purchase locally manufactured garments in bulk have been highlighted during the discussion.
OSL take:
The move to promote the production of local handloom and batik textiles will give a further boost to Sri Lanka’s export sector. Sri Lankan authorities are confident of meeting the revised export targets set for the country, which is in the process of returning to normalcy following the Covid 19 lockdown. Sri Lanka’s geographical positioning in the Indian Ocean, the ease of doing business environment, the many trade agreements as well as trade concessions enjoyed by the country will also add to the benefits enjoyed by the island’s export market. Sri Lanka will be in a unique position of providing products at competitive rates. Therefore, foreign businesses/investors could explore business opportunities by investing/forming partnerships with local manufacturers targeting the export market.
| Article Code : | VBS/AT/10072020/Z_2 |