Sri Lanka’s Board of Investment signs agreement with Knitline Apparels for manufacturing plant
The Board of Investment of Sri Lanka has reportedly signed an agreement with Knitline Apparels Ltd to set up a manufacturing plant.
Accordingly, Knitline Apparels is to set up a high tech garment factory specialised in the manufacturing of flat knit fashion apparel and in line with the agreement signed recently, the Company is to manufacture knitwear such as pullovers, dresses, sweaters and beanies in Sri Lanka.
The agreement was signed by Susantha Ratnayake, Chairman of the Board of Investment and Riz Onies Chief Executive Officer of Knitline Apparels.
According to reports, the company is planning to use modern machinery and technology developed in Japan to manufacture its products.
The factory is to be situated in Wattala with factory space of 12,000 square feet, enabling employment of an initial workforce of 80 people.
Riz Onies, CEO of Knitline Apparels has been quoted as saying, “We want to create a truly sustainable system with zero inventory loss, zero leftovers, and zero waste!”
OSL take:
Sri Lanka’s apparel industry is one of the fast growing industries in the country. Sri Lanka enjoys many trade agreements as well as trade concessions that give special benefits to the country’s apparel industry. Therefore, business/investment opportunities in Sri Lanka’s apparel sector have expanded. Foreign businesses/investors could therefore explore business opportunities in Sri Lanka’s apparel sector.
| Article Code : | VBS/AT/20200129/Z_4 |