Sri Lanka’s Atlas Axilia to expand exports to South East Asia with plans to set up new factory
One of Sri Lanka’s top stationery manufacturers, Atlas Axilia, has reportedly announced its plans to increase exports to South East Asia, where it may also open a new plant.
“We are currently exporting to the Philippines, Bangladesh and the Maldives,” Managing Director Asitha Samaraweera has been quoted as saying.
“Currently, exports do not make up a large portion of our sales,” he has noted, adding “However, plans are underway to grow our export earnings four to five times.”
“There is a big push to build up a substantial export business in South East Asia.”
According to Samaraweera, Atlas after studying regional markets has found there are opportunities in countries such as Cambodia and Myanmar.
Stationery brands like Atlas have come across opportunities in the Asian continent as countries keep increasing their education spending – a case witnessed in many developing economies.
Atlas has an immediate plan to grow its local business and to resist an anti-Muslim boycott which it is caught up in, Samaraweera has been quoted as saying in the local media.
Export plans would firm up over the next two to three years, he has observed.
Samaraweera has added that the company was looking at the option of setting up a factory outside the country as well.
According to local media reports, Atlas has managed to compete and build up a 50 percent market share in its product categories due to increasing production and reducing costs.
OSL take:
The plans of the Sri Lankan stationery company to expand in to the South East Asian market and set up a new factory in the region is a clear indication of the strength and growth of Sri Lanka’s private sector. The business conducive economic policies of the country and the ease of doing business environment have helped businesses thrive in Sri Lanka. Foreign businesses/investors could therefore confidently explore investment opportunities in Sri Lanka.
| Article Code : | VBS/AT/09072019/Z_1 |