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Investors continue to cash in on the Sri Lankan apparel sector’s resilience

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Investors are cashing in on the strong prospects of Sri Lanka’s apparel and textile exports sector, the country’s main export industry, which caters to some of the leading fashion brands globally.

Although the South Asian island announced that it would default on its foreign debt earlier this year, the country’s exports and Foreign Direct Investment (FDI) inflows – both overall and relating to the apparel sector – have ‘bucked the trend,’ showing remarkable resilience.

Sri Lanka’s cumulative national merchandise exports for 2022 up to the end of May exceeded US$5.1 billion, a nearly 10% increase from the same period of 2021 and a 46% increase from the corresponding period of 2020. Similarly, the apparel and textile sector recorded US$2.25 billion in export earnings during the same period of 2022, reflecting an 86% increase year-on-year.FDI inflows to Sri Lanka have mirrored the positive performance of its exports sector.

Overall, Sri Lanka has attracted more than US$ 228 Million in FDI during the first quarter of 2022, a 17% increase compared with the corresponding period of last year. FDI inflows to the apparel sector – considering the value of agreements signed with investors too as increased fourfold up to the end of June 2022 in comparison to January – June of the corresponding period in the previous year.

“Considering the challenges that Sri Lanka has overcome in the past, investors remain confident of the country’s prospects and resilience,” said Renuka M. Weerakone, the Director-General of Sri Lanka’s Board of Investment (BOI), the country’s dedicated investment promotion and facilitation agency.

“Due to strong interest, especially among apparel industry investors, we recently set up three new re-investment teams to support investors. We have been receiving multiple queries regarding the availability of suitable land from investors looking to further expand their apparel manufacturing plants in Sri Lanka since many of them have seen an increase in orders.”

The BOI has thus far signed agreements worth US$76 million for both new investments and expansions in the apparel sector in 2022. The total pipeline – together with pending approvals for investments and expansions in apparel – currently stands at US$165 million.

Besides expanding apparel manufacturing facilities, some investors are also eyeing lucrative opportunities in raw material production and backward vertical integration in the Sri Lankan apparel industry.

On this front, the BOI has seen strong investor interest, especially in the Eravur Fabric Processing Zone. The zone is a significant initiative that aims to strengthen the Sri Lankan apparel sector’s backward vertical integration, enabling the industry to make greater use of preferential tariff concessions in its exports to the European Union (EU), its second-largest market, as well as reduce industry lead times.Recently, the BOI formally signed the agreement for the first FDI in Eravur, a $35 million investment by Jay Jay Mills Lanka, a supplier to globally-renowned infant apparel brands. Overall, the fabric processing zone is expected to attract significant FDI’s.

The infrastructure for the zone is now being constructed, including external roads and the provision of utilities such as power and water. The zone seeks to be a regional benchmark in sustainable manufacturing and is envisaged to create over 3000 direct and 5000 indirect job opportunities which would contribute towards the socio-economic development of the area.In line with increasing investor interest, the BOI has also significantly revamped its processes, making the investment process faster and more convenient for investors.

“We’ve strengthened our digitization efforts, to eventually make the processes completely paperless,” Weerakone explained. “We have introduced new features in our web portal to assist investors with a web-based “Partnership finder database” which will also assist investors in linking with potential partners. These include companies that are looking for funding partnerships or viable business opportunities, as well as innovative start-ups. We will also soon unveil a dedicated Investor Facilitation Centre.” (IFC) To enable the Investor Facilitation Centre to function effectively, during the last two years the BOI has signed agreements with 13 state agencies which will play a key role in the investment approval process. The BOI will be sending the investor’s application to these agencies and will be taking proactive action to expedite the approval process.

The digitization efforts of the BOI now enable investors to obtain a range of services online, without having to visit the BOI office. Such services include approvals from the Customs Department for capital goods imports, obtaining visas for investors, etc.

In addition, complementing such improvements in investment facilitation, the Sri Lankan apparel industry presents an attractive proposition. The industry has successfully built long-term partnerships with and catered to the world’s leading fashion brands for decades, built a strong reputation globally for ethical and sustainable business practices, and has developed capabilities in research and development (R&D), innovation, and product development, that far exceed that of many of its peers.



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ComBank hands over fully refurbished wards at De Soysa Hospital for Women

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Pictured here are the representatives of the Bank and senior officials of the hospital at the ceremonial handing over of the refurbished ward.

The Commercial Bank of Ceylon recently handed over Wards No. 03 and 04 of the De Soysa Hospital for Women, after the completion of a comprehensive renovation project launched in March this year to mark International Women’s Day.

Wards 03 and 04 handle a substantial share of the hospital’s patient load, and account for approximately 2,500 to 3,000 deliveries and 4,000 to 5,000 admissions annually. Their refurbishment was designed to significantly enhance patient care, safety and comfort, and directly benefit thousands of mothers and newborns.

Five Trustees of the Commercial Bank’s Corporate Social Responsibility Trust participated in the formal handing over of the refurbished wards to the hospital authorities. They were Sharhan Muhseen, the Bank’s Chairman, Raja Senanayake, Deputy Chairman, Sanath Manatunge, Managing Director/CEO, Hasrath Munasinghe, Chief Operating Officer, and Prasanna Indrajith, Chief Financial Officer.

Established in 1879, the De Soysa Hospital for Women is the first maternity hospital in Sri Lanka and the second oldest in Asia and is credited with, among others, performing the country’s first caesarean section in 1905 and establishing one of its earliest organised operating theatres in 1907.

The Commercial Bank’s Corporate Social Responsibility Trust, through which this project was implemented, has via its healthcare-related interventions supported more than 100 government hospitals with essential equipment and infrastructure, contributed to emergency medical services through the ‘Adopt an Ambulance’ initiative, and implemented targeted community health interventions such as water storage solutions for families affected by kidney disease.

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IIHS expands global nursing pathways

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Dr. Renuka Jayatissa and Dr. Kithsiri Edirisinghe speaking to the media

The International Institute of Health Sciences (IIHS) Multiversity is expanding its international education programmes with the aim of creating overseas employment opportunities for Sri Lankan nurses and allied health professionals while contributing to foreign exchange earnings.

Speaking to the media during a conference at IIHS Multiversity in Kerawalapitiya, Dr. Kithsiri Edirisinghe, CEO, Co-Founder and Dean of IIHS aid that the institute has established academic partnerships with overseas universities and higher education institutions, including the University of Surrey in the UK, Deakin University in Australia, Metropolia University of Applied Sciences in Finland, Asia e University in Malaysia and SUNY Canton in the United States.

Under its ‘Study in Sri Lanka, Graduate to the World’ model, students can complete foundational and diploma-level qualifications locally before progressing to international top-up degrees or overseas employment.

Dr Edirisinghe said the model could substantially reduce the cost of obtaining internationally recognised qualifications. It estimates that completing a four-year bachelor’s degree at the University of Surrey in the UK would cost about USD 145,700, including tuition and living expenses, compared with about USD 27,750 through the IIHS pathway in Sri Lanka.

Dr Edirisinghe said the institute’s focus on overseas deployment addressed both Sri Lanka’s economic needs and the growing global demand for healthcare workers.

“Our winning model is producing job-ready, registration-ready healthcare professionals who can seamlessly enter foreign healthcare systems,” he said.

IIHS, which began operations in 2002 as the American College of Health Sciences, established its institutional base in Welisara in 2008 and launched its purpose-built greenfield multiversity campus in 2023.

The institute said it has upgraded the qualifications of more than 5,000 government nurses, supported over 2,500 youth on international employment pathways and trained more than 1,000 allied health professionals. It has also carried out over 250 community health projects.

The institute has identified Germany and Japan among its target markets, with pathways planned for 2,000 nurses for Germany and a one-year preparation programme linked to around 4,000 healthcare positions in Japan.

Dr. Renuka Jayatissa, Vice-Chancellor and a specialist medical doctor, said demographic changes and the growing burden of non-communicable diseases were changing healthcare requirements in Sri Lanka.

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Sampath Bank launches Sri Lanka’s first community-powered book discovery platform at Colombo International Book Fair

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Sampath GPay customers can enjoy 25% cash back on Book Fair purchases

Sampath Bank PLC has launched Sampath Book Finder, Sri Lanka’s first community-powered book discovery platform, giving visitors to the Colombo International Book Fair a faster and more seamless way to find the books they are looking for across the fair’s 150+ stalls, while also opening up new opportunities to discover titles recommended by fellow readers.

Introduced on the opening day of the Colombo International Book Fair on 25 September, Sampath Book Finder brings together digital innovation and the collective knowledge of readers to address a familiar challenge at one of Sri Lanka’s largest literary gatherings, where the scale of the fair can make locating a particular title a time-consuming exercise. When a book proves difficult to locate, visitors can access bookfairtracker.com or scan the designated QR code and submit a request to the community, allowing readers who have already spotted the title to share its location and help others find it without having to search stall after stall.

Commenting on the initiative, Milinda Weerasinghe, Chief Marketing Officer, Sampath Bank PLC, said, “At Sampath Bank, we believe meaningful innovation begins by identifying everyday challenges and creating solutions that make a real difference. Sampath Book Finder brings this thinking to the Colombo International Book Fair by turning the collective knowledge of readers into a real-time digital solution, empowering them to find what they are looking for, discover something new and help others do the same, while making the overall experience more convenient and connected.”

The platform also turns book discovery into a shared experience, allowing visitors to recommend books they encounter by sharing the title, publisher, hall and stall number, which enables fellow readers to discover sought-after titles and recommendations while making it easier to locate them within the fair.

Sampath Bank’s longstanding association with the Colombo International Book Fair also continues in 2026, marking more than 20 years of partnership, with the Bank serving as the Official Banking Partner for this year’s fair. As part of its presence at the event, SampathCards offer 25% cashback for Sampath GPay customers on their purchases and 3 months 0% instalment plans for book purchases via Sampath credit cards, while visitors can also access banking services through the Bank’s physical presence at the fair. Customers registering to open selected Fixed Deposits at the premises will receive an additional 0.25%, adding further value and convenience for visitors.

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