Sri Lanka to extend duty concessions to apparel industry to import appliances and other items needed.
The government of Sri Lanka has decided to grant duty concessions to import appliances and items needed for the apparel industry.“The duty concessions will be granted to import items that are not manufactured locally,” Co-Cabinet Spokesman and Minister Bandula Gunawardena has told the media recently.
The proposal to this effect was submitted to the Cabinet of Ministers by Sri Lanka’s Industries Minister Dr. Ramesh Pathirana to provide relief to the apparel industry which is dealing with price hikes of raw materials and the prevailing unfavourable economic situation in the country. Sri Lanka’s apparel exports have become one of the main sectors earning the country much-needed foreign exchange despite multiple challenges faced by the country. Sri Lanka’s apparel exports recorded an all-time high figure for a month in June by posting $ 537 million as well as in the first half with $ 2.8 billion.
Sri Lanka’s apparel industry is one of the main export commodities of the country while also leading the country’s foreign exchange earning businesses. The many trade agreements as well as trade concessions enjoyed by the country have also helped boost Sri Lanka’s apparel industry. Despite the many challenges faced by the country, Sri Lanka’s exports sector, especially the apparel industry, has shown great resilience and continue to post impressive growth rates as well as profits. Therefore, the government of Sri Lanka has taken steps to introduce various incentives to further uplift the country’s apparel industry. Hence, Sri Lanka’s apparel industry presents lucrative business/investment opportunities for foreign businesses/investors. Foreign businesses could also look at the possibility of forming partnerships or joint ventures with local businesses in the apparel industry.
|Article Code :||VBS/AT/15082022/X_6|