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Lanka gets down to business

Sri Lanka wants to encourage apparel exports.

Globalization and liberalization figure in the agenda. Opportunities will be provided for businesses to thrive as opposed to governments getting into business themselves.

Bottlenecks hindering growth will be looked at seriously. Laws and regulations will be updated. Land and rent acts would be modified to encourage private entrepreneurship.

The apparel industry wants the customs ordinance to act as a facilitator than as a regulator. It favors flexible working hours and a five-day work week that would be beneficial for workers and help the industry as well. Also favored are a new exchange management law and new inland revenue laws.

Sri Lanka is moving toward exports of value added products. Processes in the industry are becoming more machine-operated and adopting advanced technologies and machineries.

Production may be outsourced to countries such as Bangladesh, Vietnam or Ethiopia while value creation and addition will be done domestically.

The country is moving toward becoming a sourcing hub with regard to the apparel export industry and in the process reducing the export of non-value added or low-value added garment products while introducing increased industrial technological modernization.

Sri Lanka is the largest source for Victoria’s Secret lingerie and women’s wear.