Business

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

Published

5 years ago

2021/12/17

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.

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Business

SLEIS 2026 to examine Sri Lanka’s energy transition and its implications

Published

10 hours ago

2026/09/26

Thilina Walpola

Reliable and affordable energy is essential to Sri Lanka’s economic growth, industrial development and competitiveness. As the country seeks to strengthen energy security while reducing its dependence on fossil fuels, the energy sector will be a key area of discussion at the Sri Lanka Economic & Investment Summit 2026, organised by The Ceylon Chamber of Commerce on 12-13 October 2026.

The session, “Beyond Fossil Dependence: Balancing Security, Sustainability, and Growth,” will examine how Sri Lanka can diversify its energy sources, accelerate renewable energy adoption and attract investment while ensuring a reliable energy supply for businesses and households. Discussions will also consider the infrastructure and policy frameworks needed to support the country’s transition towards a modern and competitive energy system.

Ms. Edore Onomakpome – Regional Infrastructure Industry Manager – Bangladesh, Sri Lanka and Nepal, at the International Finance Corporation will keynote the session, and join the panel discussion featuring G.M.R.D. Aponsu – Secretary to the Ministry of Energy, Damitha Kumarasinghe – Director General (Chief Executive Officer), Public Utilities Commission of Sri Lanka, and Manjula Perera – Managing Director, WindForce PLC. The discussion will be moderated by Sheran Fernando – Senior Advisor, Plus94.

The session will also explore the role of public-private collaboration in developing new energy solutions, encouraging investment and creating opportunities within Sri Lanka’s evolving energy sector. It will consider how energy policy and investment decisions can support both economic expansion and the country’s longer-term sustainability objectives.

The Sri Lanka Economic & Investment Summit 2026 is supported by its valued sponsors and partners. Platinum Sponsor – Standard Chartered Bank Sri Lanka, Gold Sponsor – VISA Worldwide (Pvt) Ltd., Bronze Sponsor – South Asia Gateway Terminals (Pvt) Ltd., Strategic Development Partner – Asian Development Bank, Telecommunication Partner – Dialog Telecommunication, Television Partner – Dialog Television, Session Sponsors – David Pieris Motor Company (Pvt) Ltd., Hemas Holdings PLC, Sunshine Holdings PLC, International Construction Consortium (Pvt) Ltd., Official Logistics Partner – Hayleys Advantis Limited, Official Airline – SriLankan Airlines Ltd., Official Hospitality Partner – Shangri-La Colombo, Airline Partner – China Eastern Air Holding Co. Ltd.

Registrations are now open at https://sleis.chamber.lk/. For more information, contact Alikie on 011 558 8805 (alikie@chamber.lk) or Shanuka on 0701082541 (events.division@chamber.lk).

Business

A fresh chapter for the George Keyt Foundation: A renewed commitment to the Sri Lankan art ecosystem

Published

11 hours ago

2026/09/26

Thilina Walpola

The George Keyt Foundation (GKF), dedicated to preserving the legacy of modernist painter George Keyt and fostering local art, has announced strategic appointments to its leadership team, bringing together a mix of global academic expertise, corporate leadership, and artistic passion. These enhancements aim to inject fresh expertise and academic depth into the Foundation’s long-term vision.

Establishment of the New Advisory Committee

To broaden its operational reach and deepen its engagement with the global art market, the George Keyt Foundation has established an Advisory Committee. The newly appointed committee members include:

• Dr Sujatha Meegama is a Senior Lecturer in Buddhist Art History at the Courtauld. She is an acclaimed art historian, author and academic, bringing specialised knowledge in South Asian art history to guide the foundation’s curatorial and educational directives.

• Dr Shamil Wanigaratne: A clinical psychologist, author, and avid art historian, Shamil will lend his unique perspective to help the foundation design meaningful public outreach and cultural preservation strategies.

• Abbas Esufally: A veteran corporate leader and patron of the arts, Abbas is transitioning from his role as a GKF Trustee to this advisory position, where he will continue to offer his sharp business acumen and extensive network.

New Trustee Appointment

Leesha Captain has been appointed to the Board of Trustees. Inspired by Sri Lankan artists, Leesha is a recognised supporter of the local art scene. Leesha’s hands-on perspective will strengthen the foundation’s core team as they develop and design new art programs.

A Vision for the Future

“These new appointments mark an exciting chapter for us as we build on our decades-long history of promoting Sri Lankan artists,” says Malaka Talwatte, Chairman of the Foundation. “The combination of Leesha on the board, alongside the diverse expertise of our new Advisory Committee, will significantly amplify our efforts in curating high-profile exhibitions and expanding local and international partnerships”.

Business

Sun Siyam Pasikudah celebrates World Tourism Day with culture, cuisine and community

Published

11 hours ago

2026/09/26

Thilina Walpola

Sun Siyam Pasikudah, part of the Privé Collection under Maldivian-owned Sun Siyam Resorts, will mark World Tourism Day on 27 September 2026 with a full day programme celebrating the culture, cuisine and natural beauty of Sri Lanka’s east coast, paired with community focused sustainability activities.

The celebrations open with a special buffet of authentic Sri Lankan cuisine, followed by a street food festival showcasing regional snacks and traditional sweets rarely found on resort menus. A signature World Tourism Day mocktail and cocktail, created for the occasion, will be served through the day, while traditional Sri Lankan cultural dance performances bring the island’s heritage to life for guests.

Beyond the festivities, the resort has planned a tree planting activity with guests and a beach or park clean up campaign, both reflecting Sun Siyam Pasikudah’s ongoing commitment to responsible tourism along Sri Lanka’s northeast coast.