Global textile and apparel firms’ focus back on SL with GSP+ return

Monday, 6 March 2017 01:14 - - {{hitsCtrl.values.hits}}

IN-3 By Charumini de Silva

With the imminent return of the European Union General System of Preferences (GSP) Plus concession, many international textile and apparel players are now eyeing Sri Lanka, industry promoters said yesterday.

“A lot of investors and major firms are once again eyeing Sri Lanka as GSP+ will be regained soon and further expand the export earnings of the country,” trade fair promoter CEMS-Global USA and Asia Pacific Group CEO S.S. Sarwar said last week.

“Sri Lanka has always been an important location for apparel firms and has great recognition in the global arena,” he added at a briefing to announce the TEXTECH International textile and garment exhibitions to be held in Colombo next week with over 200 stalls from six countries.

He claimed that Sri Lanka, with its apparel exports surpassing $ 4.9 billion and accounting for over 50% of the export earnings, was closing the lead in the export of apparel and garments over countries which compete with it such as India, Bangladesh and Vietnam.

Acknowledging that the textile and apparel industry of South Asia has a key position in the export sector, Sarwar said that with ever-increasing competition in the world market, Sri Lanka could expand its share in the global market and at the same time attract more foreign investment in the high potential apparel industry.