520 garment factories closed in Sri Lanka


garmantThe JVP says the apparel industry has experienced a massive downfall under the current government. JVP Central Committee member and former parliamentarian, Samantha Vidyaratne says that 520 garment factories have been closed in the country within seven years.

He said that out of the 834 garment factories that operated in the country in 2005, there are now only 314 factories. Vidyaratne says the economic crisis faced by the country due to wrong economic policies of the government has resulted in the closure of a large number of industries.

However, the apparel industry experts say Sri Lanka’s apparel industry has moderately grown despite the global economic challenges in the main markets of US and Europe.

Top apparel exporter Brandix Lanka Ltd. CEO Ashroff Omar recently said the apparel industry is at the $4 billion mark considering that the country has had to face the withdrawal of concessions and quotas in the recent past.

Pointing out that apparel industries in other countries like China, Bangladesh and Vietnam have also experienced drop in exports, the Brandix CEO said Sri Lanka has been showing better growth compared with most garment exporting countries. He said the industry has focused on a few categories and focused on a few buyers and succeeded in growing.