Sri Lanka could get more investment as escalating trade tension between the US and China grow and US companies will look at setting up factories in Asia including Sri Lanka to cater to the requirements of customers in the USA as well as in the Asian region.
â€œChina will do the same thing. This is where we could garner more benefits. If we get our acts correct, we should be able to attract some of these investments into Sri Lanka, which will significantly help increase our volumes.â€
The Immediate Past Chairman of Sri Lanka Apparel Exportersâ€™ Association Felix Fernando told at a seminar organized by the Ceylon Chamber of Commerce under the theme, â€˜Brexit and its complications to Sri Lankaâ€™, in Colombo last week.
â€œWith current investment, there is no way that we could increase our volumes. Despite the fact that Sri Lanka has formulated the National Exports Strategy; that wouldnâ€™t work if we donâ€™t increase our capital base and production,â€ he emphasized.
He said further that country has to depend on imported fabric as Sri Lanka doesnâ€™t have a robust fabric industry at the moment. â€œWe have about 5-6 factories but some of them are already closed down. There was a time when the government tried to get investment into fabric manufacturing sector.
However, due to lack of political will in the country, the country wasnâ€™t able to attract many fabric investors into Sri Lanka,â€ Fernando said.