Textech, the textile and garment exhibition, with over 200 stalls from six countries, will be held in Sri Lanka from March 9 to 11, 2017. The event showcases products like chemicals and dyes, office and commercial supplies, computer hardware and software, industrial products, printing and publishing, plant, machinery and equipment, textiles, fabrics and yarns. Investors and international textile and apparel players are looking at Sri Lanka with renewed interest.
One reason is the country may regain GSP Plus on exports to the European Union. This could expand export earnings of the country. Sri Lanka could enjoy the preferential tariff regime of the GSP Plus facility with the European Union until 2023.
GSP Plus is only awarded to countries in the low and lower-middle income categories and an upgrade to an upper middle income country makes it ineligible. Sri Lanka’s apparel exports account for over 50 per cent of its export earnings. Sri Lanka has always been an important location for apparel firms. And Sri Lanka’s garment exporters have a design-to-deliver supply chain. This means design, manufacture and logistics such as delivery are carried out in Sri Lanka. Meanwhile exporters are also teaming up with industry players in China and Hong Kong to improve overall supply chain management.