Sri Lankan rubber manufacturer enters synthetic leather manufacturing through state-of-the-art production facility
Sri Lanka’s D. Samson Industries Ltd., which is a subsidiary of DSI Samson Group Ltd., has reportedly entered into synthetic leather manufacturing by acquiring a state-of-the-art production facility in Katana in the Western Province. The acquisition has taken place during a crucial period in which the government of Sri Lanka has encouraged Sri Lankan entrepreneurs to take a step forward to invest in the manufacturing industry.
According to reports, this was part of its business-related integration initiatives under the 2020-2022 strategic plan and a much needed investment to manufacture the raw materials that is being used for footwear manufacturing. The latest move is expected to also cut down the supply chain and logistics lead time when it comes to sourcing materials while reducing much needed foreign exchange spent on imports.
“Another benefit to the country and its economy is the provision of additional employment to the youth of our country. With the in-house training in skills development, it gives a much needed boost to improving the inherent talents of these employees,” DSI Managing Director Kasun Rajapaksa has been quoted as saying in the local media.
DSI Synthetic Materials Plant is the only manufacturing venture in Sri Lankan to use the transfer coating technology which can manufacture 0.3 mm to 4.0 mm thickness range.
While manufacturing the internal requirements for DSI footwear manufacturing, DSI Synthetic Materials plant will also cater its full range for the local footwear manufacturers, upholstery, automotive, bags and stationery sectors in the country.
“While introducing new products to the domestic market, our synthetic leathers have already entered into export markets such as UK and Europe with required compliances and standards. We are confident that we can increase our exports this year since the demand for synthetic leather is also increasing, especially in the automotive industry worldwide as its manufacturing does not involve animal killing,” DSI Executive Director Dilshan Rajapaksa has noted.
The acquisition of a state of the are synthetic rubber manufacturing facility by a Sri Lankan company is indicative of the strength and growth of the country’s private sector as well as the expanding business opportunities for local businesses in the local and international markets. Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country have made it a business hub in the South Asian region. Sri Lanka’s trade deals with foreign countries have increased the opportunities for local manufacturing exports sector. Foreign businesses/investors could therefore confidently explore business opportunities in Sri Lanka.
|Article Code :||VBS/AT/20210215/Z_3|