Sri Lanka’s BOI enters agreement for a US$ 3 million brand-new apparel manufacturing plant
The Board of Investment (BOI) of Sri Lanka has reportedly reached an agreement with Mila Fashion, which is part of the Design Studio group, to set up a brand-new apparel manufacturing plant in Welioya with an investment of US$ 3 million in two phases.
The Design Studio group provides employment to over 2,000 in Pandulagama (Anuradhapura) and Etawa (Kurunegala), and this new venture will create an additional 1,200 jobs and the plant is to have state-of-the-art machinery, automation and technology, local media report stated.
Since its inception in 2009 the group has established themselves as the supplier of choice for high street retailers in the UK and Europe, including Primark, ASDA, Sainsbury’s, ASOS, Next and River Island, from its network of factories in Sri Lanka and Bangladesh.
OSL take:
Sri Lanka’s economy has shown great resilience to external and internal challenges through the years and is already showing signs of a quick rebound following the impact of the global Covid 19 pandemic. This has given confidence to the business sector to continue with their pre-planned expansion programme. Foreign businesses/investors could therefore explore opportunities in Sri Lanka. After all, Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country have helped the island become an attractive hub in the South Asian region.
| Article Code : | VBS/AT/20210120/Z_4 |