Top Chinese garment delegation explores collaboration opportunities in Sri Lanka
Daily FT: A high-profile delegation comprising 30 members of the China National Garment Association (CNGA) embarked on a mission to explore business prospects and strengthen ties with Sri Lanka’s apparel industry.
Led by Ningbo Garment Association Executive Vice President Xie Qing and Vice President/Secretary General Mao Yihua, the delegation engaged in a series of strategic meetings and engagements aimed at fostering collaboration and investment opportunities.
The CNGA, a prestigious industry association representing over 1,400 major members and prominent original apparel brands in China, seeks to enhance existing trade relations and forge new partnerships in Sri Lanka’s vibrant apparel sector.
During their visit, the delegation participated in a range of activities, including insightful factory visits, business-to-business (B2B) meetings and constructive dialogues with key Government institutions. These engagements aimed to facilitate knowledge exchange, deepen mutual understanding and pave the way for mutually beneficial collaborations.
The engagement between the Chinese garment delegation and Sri Lanka’s apparel industry highlighted the growing interest and potential for collaboration in the textile and garment sector, paving the way for enhanced trade relations and investment opportunities between the two countries.
A key business session held at the premises of the Export Development Board (EDB) provided a platform for direct interaction between the Chinese delegates and leading Sri Lankan apparel companies. This session fostered meaningful discussions and exploration of potential synergies, laying the groundwork for future partnerships.
EDB Chairman Dr. Kingsley Bernard extended a warm welcome to the delegation, emphasising the significance of such exchanges in boosting bilateral ties and driving economic growth.
The visit also included meetings with prominent individuals and institutions in Sri Lanka’s economic landscape, underscoring the commitment of both sides to deepen cooperation and explore new avenues of collaboration.
OSL take:
Sri Lanka and China enjoy strong bilateral and trade ties that are expected to be further strengthened by a free trade agreement (FTA) that is under negotiation. China is also a key development partner of Sri Lanka with parnerships in many large scale development programmee while also placing the island prominently in China’s Belt and Road Initiative (BRI). With the ongoing economic activities in Sri Lanka and the target of becoming a regional hub with the support of the country’s strategic positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed with other countries, Sri Lanka has become an attractive business/investment destination for Chinese businesses/investors. The growing business potential in Sri Lanka is indicative by the growth and profits recorded by Chinese businesses operating in the country. The expanding economic ties between Sri Lanka and China have further attracted more Chinese businesses to explore the expanding business/investment opportunities in the country. Chinese businesses could also look at setting up base in Sri Lanka to engage with other countries in the region using the preferential treatment enjoyed by Sri Lanka with other countries. It is in such a backdrop that Chinese businesses are continuing to explore the formation of partnerships or joint ventures with local businesses with the aim of further expansion.