Cabinet nod to extend duty concessions to apparel industry

Wednesday, 3 August 2022 00:24 -     - {{hitsCtrl.values.hits}}

The Cabinet of Ministers at its meeting on Monday approved granting duty concessions to import appliances and items needed for the apparel industry.

“The duty concessions will be granted to import items that are not manufactured locally,” Cabinet Co-Spokesman and Minister Bandula Gunawardena told journalists at the post-Cabinet meeting media briefing yesterday.

The proposal to this effect was submitted by Industries Minister Dr. Ramesh Pathirana to provide relief to the apparel industry which is dealing with price hikes of raw materials and the prevailing unfavourable economic situation in the country.

The apparel exports have become one of the main sectors earning much-needed foreign exchange despite multiple challenges of the COVID pandemic and ongoing economic crisis.

In June, apparel exports recorded an all-time high figure for a month of $ 537 million as well as in the first half with $ 2.8 billion, reaffirming the sheer resilience of the private sector-driven industry.