Connect with us

Business

Sri Lanka’s apparel sector well-positioned to reach $8 Bn. export earnings target by 2025

Published

on

Industry attempting to attract FDI to Eravur from leading players in fabric – Aroon Hirdaramani

Sri Lanka’s apparel industry expressed confidence in reaching its target of $8 billion in export earnings by 2025, by implementing the concerted initiatives put in place by the sector, in collaboration with the authorities.

These views were expressed at the ‘Sri Lanka Economic Summit 2021’, the flagship event of the Ceylon Chamber of Commerce, held this year on 6th and 7th December 2021, under the theme ‘Springboard for revival: Opportunity to reset’.

Strengthening backward vertical integration and further improving sustainability credentials are vital in achieving the sector’s vision, while enhanced access to key export markets – including within the Asian region – will provide a significant boost in realizing these aspirations, noted the industry.

“At present Sri Lanka accounts for around 1% of the global market share of apparel exports. We are confident that we can reach the industry’s target of $8 billion in export earnings by 2025, by executing the correct strategies,” Sri Lanka Apparel Exporters’ Association (SLAEA) Chairman and Hirdaramani Group Director, Aroon Hirdaramani said. He made these comments as a panellist at the ‘Resetting the Export Portfolio’ session of the summit.

Hirdaramani noted that the efforts to strengthen backward vertical integration of Sri Lanka’s apparel value chain, through initiatives such as the Eravur Fabric Processing Park are critical, particularly in the current context. This would pave the way for the industry to reduce lead times and significantly increase its domestic value addition – which currently stands at around 55%. The latter would also enable Sri Lanka to make greater use of preferential tariff concessions – such as the Generalised Scheme of Preferences (GSP) Plus tariff concessions to the European Union (EU) – a critical market for Sri Lanka in general, and apparel in specific.

“We are working very hard to attract key players in the fabric segment to invest in the new zone, as well as more broadly in fabric mills in Sri Lanka,” Hirdaramani revealed, noting that the zone is expected to be positioned strongly in terms of environmental sustainability.

However, in order to attract such Foreign Direct Investment (FDI) inflows, Sri Lanka needs to strengthen especially its fiscal position and policy, other panellists indicated. This was particularly stressed by the Director of the Growth Lab of the Harvard’s Centre for International Development, Prof Ricardo Hausmann, who made the initial presentation at the session.

“We can gain market share through trade shifts arising from the US – China fallout,” Hirdaramani said further. “The pandemic has also strongly increased the preference for near-shoring among buyers, given how COVID-19 caused vast disruptions to global supply chains. Sri Lanka can position as a hub to serve Asia, but this requires preferential and free trade agreements (FTAs) with more countries in the region.”

The need for greater trade connectivity was also noted by the other panellists. Dilmah Tea – CEO, Dilhan Fernando highlighted the need for FTAs and a more favourable impression of the country internationally, in order for Sri Lanka to expand and diversify its exports. Spa Ceylon – Co-Founder, Shalin Balasuriya too expressed the need for trade linkages, while also drawing attention to the need for trade facilitation – including reducing red-tape associated with the export process.

While securing new FTAs, the panellists – both representatives from the private sector and Sri Lanka’s foreign missions – also voiced the need to retain the existing trade concessions – particularly the GSP+ to the EU.

The panellists, particularly Export Development Board (EDB) – Chairman, Suresh De Mel also emphasised the importance of supporting SMEs in order to increase and diversify exports. In the apparel sector, under the leadership of the Joint Apparel Association Forum (JAAF), initiatives are underway to boost SMEs in the industry.



Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

People’s Bank drives push towards cash-lite economy

Published

on

Marking a significant milestone in Sri Lanka’s digital transformation journey, the National QR Payment Adoption Programme was recently launched with the objective of accelerating the country’s transition towards a cash-lite economy. The initiative aims to reduce reliance on physical currency by promoting the widespread use of QR-based digital payments, enabling individuals and businesses to conduct fast, secure and convenient transactions via mobile devices, said a release from the People’s Bank.

It said: As a leader in digital banking, People’s Bank proudly aligns with this landmark national initiative, reinforcing its commitment to building a digitally empowered economy. The Bank supports the programme through its flagship digital wallet “People’s Pay”, which offers a seamless platform for QR-based transactions and a range of everyday financial services.

In line with the programme’s objectives, customers can perform QR transactions without incurring additional charges, while merchants benefit from zero fees on transactions up to Rs. 5,000. To further encourage adoption, valuable gifts will be awarded to selected winners among LANKAQR users, enhancing engagement and promoting digital payment usage across the country.

People’s Bank’s participation reflects its ongoing digital transformation strategy, which has evolved beyond traditional online banking to deliver an integrated, lifestyle-oriented financial ecosystem. The Bank continues to set industry benchmarks by offering secure, efficient and user-friendly digital platforms, ensuring customers have uninterrupted access to banking services anytime, anywhere.

At the heart of this initiative is People’s Pay, a sophisticated digital wallet designed to streamline everyday financial transactions while catering to the evolving needs of the modern consumer. The application features a seamless self-registration process, comprehensive tri-language support, and secure storage of payment details, ensuring both convenience and security for users.

In addition, the People’s Pay app enables customers to make real-time bill payments and QR-based transactions with exceptional ease and efficiency. The facility to link multiple bank accounts further enhances flexibility and convenience, while the transaction limit provides users with greater financial control and improved security.

In a strategic move to bolster the national QR adoption program, the People’s Pay app now facilitates Peer-to-Peer (P2P) QR transfers. This functionality allows users to generate both static and dynamic QR codes, enabling efficient transactions without the need to disclose sensitive account information.

The National QR Payment Adoption Programme represents a critical step in advancing Sri Lanka’s digital payments landscape. By fostering fast, secure and transparent transaction methods, the initiative aims to ensure inclusive participation in the digital economy, empowering citizens across all regions and communities.

Continue Reading

Business

ANC Campus and Adelaide University launch new Australian study pathway for Lankan students

Published

on

ANC Campus has announced the launch of a formal articulation partnership with Adelaide University at Cinnamon Lakeside, Colombo, creating a clear progression pathway for Sri Lankan students seeking an Australian university degree.

Through this pathway, students can begin their university-level studies at ANC Campus in Sri Lanka before progressing to Adelaide University in Australia, subject to the relevant academic, English language, and entry requirements. By completing the first year through ANC’s Australian Diploma pathway in Sri Lanka, students can significantly reduce the overall cost of their Australian education journey, with estimated first-year savings of up to LKR 13 million when tuition and living expenses are considered.

The launch was attended by representatives of ANC Campus, Adelaide University, and the Australian Trade and Investment Commission (Austrade), alongside members of the media, students, parents, and invited guests. Austrade’s presence highlighted the continued importance of Australia-Sri Lanka education links.

Speaking at the launch, Dayan D. L. Fernando, Chief Executive Officer of ANC Campus, said the partnership gives Sri Lankan students a credible and well-supported route into Australian higher education.

“For over two decades, ANC has worked with international university partners to help Sri Lankan students begin their global education journey with the right academic preparation and guidance. This partnership with Adelaide University gives students a clearer route to an Australian degree and gives parents greater confidence in the pathway their children are choosing,” he said.

Fernando added that international education is one of the most important decisions a family makes, and proper guidance is essential.

“At ANC, our responsibility is to guide students correctly. We must help them understand the pathway, the requirements, the destination, and the opportunities ahead. ANC prepares students for the highest likelihood of success.

Continue Reading

Business

Union Assurance honours new batch of certified financial advisers

Published

on

Union Assurance PLC, Sri Lanka’s longest-standing private Life Insurer, recently hosted the SLIM Certified Financial Adviser Graduation Ceremony at its Head Office premises, recognising 38 professionals who successfully completed the programme, a milestone that reflects the company’s focus on building a highly capable and accredited sales force.

The Certified Financial Adviser programme, delivered in partnership with the Sri Lanka Institute of Marketing (SLIM), the National Body of Marketing in Sri Lanka, which was designed to elevate the expertise of the company’s high performing adviser force. Spanning 11 comprehensive modules covering areas such as Advanced Consultative Selling Skills, Negotiation Mastery, Digital Prospecting Techniques, and Emotional Resilience in Sales, participants underwent a rigorous learning journey that concluded with a formal assignment, bringing the full cohort to completion.

The programme reflects Union Assurance’s commitment to ensuring its advisers are positioned to serve customers with confidence, credibility, and genuine understanding of their needs; values that are central to the company’s purpose of protecting what matters most. The SLIM qualification also opens a structured educational pathway for graduates, with opportunities to advance through further nationally recognised certifications.

Speaking at the ceremony, Chief Agency Officer at Union Assurance, Imtiyaz Aniff stated: “We are pleased to recognise the dedication of our people who committed to this programme alongside their core responsibilities. The SLIM certification equips our advisers with the skills and credentials to serve our customers at a higher standard, and that directly supports the quality of advice we deliver. We look forward to seeing this cohort carry forward what they have learned and continue to grow in their careers.”

Union Assurance is a subsidiary of John Keells Holdings PLC (JKH), the largest conglomerate listed on the Colombo Stock Exchange, operating with over 80 companies in 7 diverse industry sectors. The Company has completed nearly four decades of success with a Market Capitalisation of Rs. 45.6 Bn and a Life Fund of Rs. 92.8 Bn as of end December 2025. Set to protect lives and enrich the well-being of all Sri Lankans, Union Assurance offers Life Insurance solutions that cover the health, investment, protection, retirement and education needs of Sri Lankans. With an island-wide branch network and a workforce that is over 3000-strong, Union Assurance continues to invest in people, products and processes with a customer-centric focus to be responsive to emerging changes in the Life Insurance industry.

Continue Reading

Trending