Sri Lanka targets US $ 8 billion in apparel exports next year

• 5opn1
• November 12, 2024
• Business News
• apparel exports, Sri Lanka
• 0 Comments

Policy consistency is key to achieving US $ 8 billion in apparel exports next year, up from an estimated US $ 5 billion in 2024, according to the Joint Apparel Association Forum (JAAF).

The industry body cited inconsistent government policies as a primary reason Sri Lanka has fallen behind latecomers such as Cambodia in apparel exports.

The JAAF noted that largely due to inconsistent policies, Sri Lanka has not attracted any large-scale foreign direct investment in the apparel sector since the late 1990s.

“We need the government’s support to keep policies consistent. Moving from US $ 5 billion to US $ 8 billion will require more markets and more investments,” said JAAF Deputy Chairman and Omega Line Managing Director Felix Fernando.

As all political manifestos, ahead of the elections, are filled with promises about boosting exports, the JAAF voiced sharp criticism regarding the inconsistency in translating these promises into action,