Business

‘Securing GSP+ extension beyond 2023 absolutely critical for apparel industry growth’

Published

5 years ago

2022/01/29

From left: Former Secretary General and Consultant – Tuli Cooray, Deputy Chairman – Felix Fernando, Chairman – Sharad Amalean, Deputy Chairman - Saiffudeen Jafferjee and Secretary General – Yohan Lawrence

Deputy Chairman of MAS Sharad Amalean appointed JAAF chairman

The Joint Apparel Association Forum of Sri Lanka (JAAF) called for intensive dialogue and greater stakeholder collaboration in order to arrive to resolve the current forex crisis, as well as legislative reform towards a more sustainable medium-long-term trajectory for Sri Lankan apparel.

These views were expressed at the recent Annual General Meeting (AGM) of the Association, the apex body representing five associations encompassing supply chain partners, the export-oriented apparel manufacturers, buying offices and representatives of international brands in Sri Lanka.

Addressing the gathering, newly appointed Chairman of JAAF and Deputy Chairman of MAS, Sharad Amalean commended the resilience demonstrated by the sector in the face of an unprecedented pandemic and outlined measures necessary for the sector to achieve its target of US$ 8 Bn in exports by 2025, while maintaining GSP+ and enhancing bilateral trade.

“Once again, Sri Lankan apparel has delivered an outstanding performance, achieving over US$ 5 Bn in exports last year amidst various challenges. While highly commendable, there are still many obstacles ahead of us. In order to successfully navigate these uncertain times, it is essential that all stakeholders act with unity, and continue to engage in dialogue with authorities on issues pertaining to foreign exchange and the adoption of regulations that can ensure sustainable growth for our vital industry,” Amalean stressed.

“We must also continue to enhance our bilateral trade by engaging with regional partners and associations to enhance trade relations. The securing of a GSP+ extension beyond 2023 will be absolutely critical for the growth of our industry,” he added.

Meanwhile, outgoing JAAF Chairman, A. Sukumaran noted that the industry would likely face continuing disruptions to their supply chain over the coming year, making the need for continuous engagement across industry stakeholders an essential pre-requisite to developing long-term solutions to the industry’s current and future challenges.

“The pandemic exposed underlying vulnerabilities in our extended global supply chains. However, we do not believe that right answer is to simply turn our backs to internationalization and build overlapping national supply chains – as had been advocated by certain quarters. Even with the current issues we face, the theory of comparative advantage within globalization is still a more financially viable approach. However, we also need to identify select areas in which development of domestic capacity can support Sri Lankan firms to effectively compete on a global stage, and ensure that such capacity development is expedited as much as possible.”

“Investing in less transactional and more collaborative supply chain relations will provide major solutions. This forges more resilient supply chains that are also more capable of dealing with our industry’s numerous challenges. We have thrived with our buyers on long-lasting relationships. We must do the same thing with supply chains as well. Balance strategies are a must for us to sustain ourselves on the sourcing map,” Sukumaran added.

The AGM saw the appointment of JAAF’s new executive committee for 2022/2023, which includes Chairman Sharad Amalean, Deputy Chairmen Saiffudeen Jafferjee and Felix Fernando, Past Chairmen Noel Priyathilake, Azeem Ismail and Ashroff Omar. Duly Authorized Representatives of the constituent bodies: Fabric & Apparel Accessory Manufacturers Association Pubudu de Silva, Free Trade Zone Manufacturers Association – Jatinder Biala, Sri Lanka Apparel Exporters Association – Aroon Hirdaramani, Sri Lanka Chamber of Garment Exporters – Hemantha Perera and Sri Lanka Apparel Sourcing Association – Wilhelm Elias.

Other key appointments include individual members of the executive committee; Mahesh Hirdaramani, Manik Santiapillai, Ajith Wijesekera, Jafar Sattar, Anis Sattar, Rehan Lakhany and Mahika Weerakoon.

Meanwhile, Founding Secretary-General of JAAF Tuli Cooray stepped down from his position and will serve as a consultant moving forward. He will be replaced by Industry veteran Yohan Lawrence, Past Chairman of the Sri Lanka Apparel Exporters Association.

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Business

ADB approves $100 million loan to boost skills development and jobs for youth in Sri Lanka

Published

22 hours ago

2026/10/2

Thilina Walpola

The Asian Development Bank (ADB) has approved a $100 million results-based loan to help Sri Lanka transform its technical and vocational education and training (TVET) system, equip more young people with industry-relevant skills, and strengthen the country’s competitiveness and inclusive growth.

The Skills Development System Transformation Program will support the Government of Sri Lanka’s efforts in improving the quality and relevance of skills training, strengthening links between training providers and industries, and expanding employment opportunities for youth. The program will increase women’s employment opportunities in nontraditional jobs in fields including automotive technology, engineering, information and communications technology, construction, and renewable energy.

“A skilled workforce is essential to Sri Lanka’s long-term economic transformation and competitiveness,” said ADB Country Director for Sri Lanka Shannon Cowlin. “This program will help create stronger pathways from education to employment by making training more responsive to industry needs, expanding opportunities for young people and women, and ensuring that graduates have the skills required by a modern and evolving economy.”

Though Sri Lanka’s economy is recovering, it faces skills shortages in priority sectors, high youth unemployment, and low female labor force participation. Many employers report difficulty finding workers with the skills needed in a changing economy.

Aligned with the Government of Sri Lanka’s Technical and Vocational Education and Training Sector Strategic Framework 2026–2035, the nationwide program will be implemented from 2027 to 2031 and is expected to directly benefit more than 100,000 young people through improved access to quality, employment-oriented training.

Business

USD 40.84m pipeline to secure aviation fuel supplies to BIA

Published

22 hours ago

2026/10/2

Thilina Walpola

By Ifham Nizam

The government has cleared a USD 40.84 million and Rs. 8,548.75 million contract to build a dedicated aviation fuel pipeline from Muthurajawela to Bandaranaike International Airport (BIA), alongside a massive new fuel storage facility with a capacity of 92,000 cubic metres.

Energy Minister Anura Karunatilaka said the project represented a major investment in strengthening the infrastructure underpinning Sri Lanka’s aviation fuel supply and ensuring more reliable fuel availability at the country’s main international airport.

‘This project will provide the infrastructure required to strengthen the reliability and continuity of aviation fuel supplies to Bandaranaike International Airport, Karunatilaka said.

The contract has been awarded to China Petroleum Pipeline Engineering Company Limited, following an international competitive procurement process in which three bids were received.

The project will see a new aviation fuel storage tank complex constructed at Muthurajawela, together with the associated infrastructure required for handling and transferring aviation fuel.

Business

CSE activity up, turnover weak at Rs. 1.4 billion

Published

22 hours ago

2026/10/2

Thilina Walpola

By Hiran H Senewiratne

Trading activity on the Colombo Stock Exchange (CSE) gathered pace yesterday as global fuel prices began to show signs of easing, according to market analysts.In this context, both indices moved upwards. All Share Price Index up by 67.97 points while S and P SL20 up by 8.30 points.

Turnover stood at Rs 1.4 billion with seven crossings. Those crossings were reported in Sampath Bank 1.7 million shares crossed to the tune of Rs 238 million and its share price traded at Rs 140, Access Engineering two million shares crossed to the tune of Rs 159 million and its share price traded at Rs 79.50, LOLC one million shares crossed to the tune of Rs 129 million and its share price traded at Rs 129, HNB 100,000 shares crossed to the tune of Rs 38.4 million and its share price traded at Rs 384, JKH 1.9 million shares crossed to the tune of Rs 35 million and its share price traded at Rs 18.60, Hayleys 100,000 shares crossed to the tune of Rs 22.50 million and its share price traded at Rs 225 and Richard Pieris 847,000 shares crossed to the tune of Rs 22 million and its share price traded at Rs 25.50.

In the retail market top seven companies that have mainly contributed to the turnover were Sampath Bank Rs 114 million (813,000 shares traded), JKH Rs 100 million (5.3 million shares traded) LB Finance Rs 49 million (325,000 shares traded), HNB Finance Rs 30 million (27 million shares traded), HNB Rs 27 million (70000 shares traded), NTB Rs 25 million (82000 shares traded ) and Lanka IOC Rs 21 million (666,000 shares traded). During the day 65 million shares volumes changed hands in 10433 transactions.

The Banking and manufacturing sector counters performed well. In the banking sector Sampath Bank let the market while manufacturing sector especially JKH also significantly performed well. With the fuel revision Land IOC also a significant stock at the floor.

Meanwhile, First Capital Treasuries said that Ramesh Schaffter resigned as a Non-Independent Non-Executive Director with effect from October 1, to facilitate the restructuring of the company’s board.

Yesterday the Central Bank announced the US Dollar rate as against rupee. The rupee was quoted flat at Rs 330.65/80 to the US dollar in the spot market , while bond yields dropped, dealers said.