Sri Lankan President Anura Kumara Dissanayake recently outlined plans for a government-backed \u2018plug and play\u2019 mechanism under which infrastructure and factory facilities would be provided to facilitate investments.<\/p>\n
He conveyed this at a discussion with leading apparel industry representatives and investors to identify solutions to challenges facing the sector and strengthen Sri Lanka\u2019s export-led economy.<\/p>\n
The meeting focused on practical issues confronting the apparel industry and support required to implement the Export Development Board\u2019s new export strategy.<\/p>\n
The Sri Lankan President recently outlined plans for a government-backed ‘plug and play’ mechanism under which infrastructure and factory facilities would be provided to facilitate investments.
\nHe conveyed this at a discussion with leading apparel industry representatives and investors to identify solutions to challenges facing the sector.
\nHe encouraged investors to expand operations into rural areas. <\/p>\n
The President encouraged investors to expand operations into rural areas and he stressed the importance of strengthening dollar-earning sectors to support Sri Lanka\u2019s foreign exchange position, according to domestic media reports.<\/p>\n
Legal reforms are under way to ensure policy stability and protect the value of land assets, he said.<\/p>\n
Apparel sector representatives raised concerns over the impact of the value-added tax (VAT) system on domestic raw material suppliers. Dissanayake requested industry stakeholders to submit proposals on possible relief measures.<\/p>\n
The meeting explored ways to further expand market access through free trade agreements and increased quotas.<\/p>\n
The National Single Window for Trade is expected to become operational by the end of July, while the National Single Window for Investment is scheduled to be completed by the end of the year.<\/p>\n
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Fibre2Fashion News Desk (DS)<\/p>\n
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