Sri Lanka Plans To Export $5 Billion In 2015.
Sri Lanka
The clothing sector is the largest export industry in the country.
clothing
The Department set export earnings target of US $5 billion in 2015, despite the loss of the GSP+ status of the apparel sector.
The European Union is the largest export market in Sri Lanka.
TulyCooray, former Secretary General of Sri Lanka, said competitiveness will help the garment industry to achieve this goal.
Sri Lanka
Garment industry
The added value has increased from 30-35% to 60-65%.
Prior to the suspension of the GSP+ status, Sri Lanka's clothing exports to the EU increased to $1 billion 600 million last year, up from $1 billion 25 million in 2005.
To ease the losses caused by the loss of the GSP+ mechanism, the signing of the free trade agreement will prove effective, TulyCooray said.
India signed a free trade agreement with the European Union and Singapore, and Japan signed an economic cooperation agreement with Vietnam and Indonesia. According to these agreements, clothing exports to Japan amounted to 30-40 billion dollars.
Japan's clothing market reached about $24 billion.
If Sri Lanka can export $300 million to Japan or 1/10 of Indonesia's exports to Japan, the loss of GSP+ status will be balanced.
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