Adoption of the new multi-country consolidation business approach is expected to help the Sri Lankan apparel industry to boost its revenues by US$ 1 billion by 2016, Joint Apparel Association Forum (JAAF) Secretary General MP Tuli Cooray told Sunday Observer Business.
There are no doubts that the new business model, resembling the one that is already prevalent in Singapore and Hong Kong, would help the Sri Lankan apparel industry, he said and urged the Government to create a legal framework similar to that exists in Hong Kong.
Noting that the Sri Lankan apparel industry is recognized globally as a reliable supplier of quality goods, he said they would channelize their own strength and that of the region to carry out the work of the apparel hub.
The Government could help by extending technological, designing and front operations support to cater to the orders.
Huge investments coupled with the Government’s ongoing efforts to cut transactional costs, and promotional activities in traditional and newly emerging markets have kept fuelling the industry’s growth over the past few years, Mr. Cooray said.
He said they are continuously enhancing promotional activities in traditional markets, and efforts would be made to expand market share in India, Japan, Russia and China.
He urged the Sri Lankan Government to ink bilateral trade agreements with other countries and implement strategies to enhance the industry standards in order to help the industry to grow to next level.
The JAAF official said technological investment and use of latest manufacturing processes involving lesser human interference have facilitated advancement of the industry.
The Sri Lankan clothing industry made US$ 3.8 billion in revenues during last year and Mr. Cooray was hopeful that the sector would touch US$ 5 billion mark by 2016.