Sri Lankan garment company opens sixth Board of Investment approved factory in Ambalangoda
The Morning: Stylish Garments (Pvt.) Ltd. unveiled its sixth BOI-approved factory in Ambalangoda, which manufactures children’s wear jerseys including school uniforms targeting the international market. Stylish Garments is a garment manufacturer and exporter of jersey knit and lighter woven apparel products.
The latest project, which is a $ 3.5 million investment, is expected to generate 500 employment opportunities for people living in the South and other parts of the country. Moreover, the products are slated to be exported to the UK and Europe.
The agreement in this regard was signed recently at the BOI Head Office in the presence of BOI Director General Renuka M. Weerakone.
BOI Director General Renuka M. Weerakone stated: “A project of this nature should be recognised owing to the fact that it depicts the vibrant and vivid expansion of BOI projects, which has now started to reach the rural areas.”
“Besides, the new venture will uplift the livelihood of the people living in the Ambalangoda area plus become a crucial source of bringing dollars to the country in a situation where the country is in dire need of dollars,” she underscored.
Meanwhile, Stylish Garments (Pvt.) Ltd. Founder/Chairman Leelaratne Hattanarachchi expressed the view that he was determined to launch new projects irrespective of the present challenges because such new projects would bring dollars to the country.
“That’s the very reason why I ventured to start operations at this new factory by turning this crisis to our advantage,” Hattanarachchi emphasised.
“At the same time, we do appreciate the support rendered by the BOI at this critical juncture and look forward to their support in the future too,” he added.
OSL take:
The recent opening of the sixth factory by a local garment company is indicative of the strength and growth of Sri Lanka’s apparel industry as well as its increasing business potential. Sri Lanka’s apparel manufacturing and exports sectors have shown a steady growth even during the height of the global pandemic and continues to be one of the country’s highest foreign exchange earners. While a majority of the companies engaged in the apparel industry have posted impressive growth and profits during the past few months, most of them have also expanded operations and taken their manufacturing processes to other countries as well. The many trade agreements as well as trade concessions enjoyed by the country have also helped boost the apparel industry. Given the growing business potential in the sector, foreign businesses/investors could confidently explore opportunities in Sri Lanka’s apparel industry.
| Article Code : | VBS/AT/22072022/X_2 |