Escalating trade tension could lure more investments to SL | Daily News


Escalating trade tension could lure more investments to SL

Felix Fernando
Felix Fernando

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.

“China 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.”

The Immediate Past Chairman of Sri Lanka Apparel Exporters’ Association Felix Fernando told at a seminar organized by the Ceylon Chamber of Commerce under the theme, ‘Brexit and its complications to Sri Lanka’, in Colombo last week.

“With 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 wouldn’t work if we don’t increase our capital base and production,” he emphasized.

He said further that country has to depend on imported fabric as Sri Lanka doesn’t have a robust fabric industry at the moment. “We 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 wasn’t able to attract many fabric investors into Sri Lanka,” Fernando said.

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