In order to boost jobs and exports ,the Sri Kankan government yesterday handed over the former Kabool Lace Giriulla facility to proven apparel giant MAS Holdings. The facility was shut for 12 years.
MAS Holdings chairman Mahesh Amalean said that they expected to invest over $ 28 million in export-oriented projects in the facility and create over 3,000 direct jobs within the first three years of operations and export revenue of around $ 65-$ 70 million. He said that the company had already commenced refurbishment and reinstalling machinery to commence operations by next year.
As Nike plans to increase its revenue from $ 30 billion to $ 50 billion by 2020, MAS Holdings is capitalising on its opportunity to double its capacity being the second-largest supplier to leading sportswear company Nike. Amalean pledged that MAS Holdings would continue to be confident over Sri Lanka’s international competitiveness especially in manufacturing. The Giriulla facility will become the second privately-owned industrial park in the country following the MAS Fabric Park in Thulhiriya which houses over 8,200 employees and generates more than $ 150 million.