Sri Lanka to ink deal with Swiss Govt. for Global Textile and Apparel Programme
Daily FT: The Cabinet of Ministers had approved a proposal to enter into a project agreement with the Swiss State Secretariat for Economic Affairs (SECO) to implement the second phase of the Global Textile and Apparel Programme.
The agreement, set to be signed by the Sri Lanka Export Development Board (EDB), will provide significant support from SECO’s Global Textiles and Apparels Programme. This support is expected to drive the industry’s shift towards sustainable practices and enhance its competitive edge in the global market by integrating advanced digital technologies.
“The initiative aims to support the transformation of Sri Lanka’s textile and apparel industry towards producing quality green products through the promotion of digitisation,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the weekly post-Cabinet meeting media briefing.
He said the collaboration marks a significant step towards achieving a more sustainable and digitally advanced textile and apparel industry in Sri Lanka.
The proposal to this effect submitted by President Ranil Wickremesinghe in his capacity as the Investment Promotion Minister was approved by the Cabinet of Ministers.
OSL take:
Sri Lanka’s apparel industry is a fast growing industry that shows an expansion in business/investment opportunities. The many trade agreements and trade concessions enjoyed by Sri Lanka with other countries have also helped boost the local apparel industry. It is in such a backdrop that Sri Lanka has expressed commitment to transforming the local apparel industry to manufacture quality green products. Sri Lankan authorities are also focused on transforming the country’s economy into a blue and green economy. The move towards sustainable manufacture has further expanded the business/investment opportunities in Sri Lanka’s apparel industry given the country’s strong trade ties and the global appeal for green apparel initiatives. Given all these growing trends and the increasing business potential in Sri Lanka’s apparel industry, foreign businesses/investors could explore the expanding business/investment opportunities in the industry. Foreign businesses could also look at forming collaborations with local businesses engaged in the apparel industry with the aim of local and international expansion.