Sri Lanka’s BOI signs agreement with apparel exporter for further expansion of operations
Sri Lanka’s Board of Investment (BOI) has reportedly signed an agreement with Rakshaa Ltd. for the expansion of its existing operations. High-quality ladies’ fashion garments and sportswear are to be included under the expansion programme.
Accordingly, Rakshaa is to export to the UK, Holland, the US, India and Mauritius, and will generate approximately 300 additional employment opportunities with its expansion that also includes rural geographies in Sri Lanka.
The agreement was signed by BOI Chairman Sanjaya Mohottala and Rakshaa Managing Director Chandana Weerasinghe.
BOI Chairman Mohottala has commended the company’s decision to invest in a manufacturing unit in rural Sri Lanka and contribute positively towards the economic empowerment of these communities.
Rakshaa was also congratulated for its leadership in expanding its capacity and venturing into new markets, by adapting to global production trends and moving swiftly to capitalize on global trade shifts.
OSL take:
Sri Lanka’s manufacturing and exports sectors, especially the apparel exports industry has shown a growth momentum amidst facing the impact of the global Covid 19 pandemic. Sri Lanka’s business conducive environment as well as the continuously improving ease of doing business environment in the country have also helped the growth of the country’s private sector. The expansion of operations by local apparel companies is indicative of the strength, growth and business potential of Sri Lanka’s apparel industry. Given that Sri Lanka is positioning itself as a business hub in the South Asian region, foreign businesses/investors could explore the growing opportunities in Sri Lanka’s apparel industry. The government of Sri Lanka has also initiated a dedicated fabric manufacturing park to locally source the raw materials for the apparel industry.
| Article Code : | VBS/AT/08072021/Z_3 |