Sri Lanka’s MAS, other apparel firms in expansion drive
ECONOMYNEXT – Sri Lanka’s MAS group and several apparel firms are investing in boosting export production capacity, amid an overall increase in industrial investment according to new approvals granted.
Sri Lanka’s Minister of International Trade and Investment, Malik Samarawickreme told parliament that 1.34 billion US dollars of investments in infrastructure, utilities, hotels and industries has been approved up to April 2014.
Sri Lanka’s MAS Active, a sportsware group will invest 21 million US dollars to boost capacity.
Other companies that are expanding include D 2 Clothing (Pvt) Ltd, Original Apparel (Pvt) Ltd and. HIrdramani International Exports. Investments totalling 28 million US dollars had been approved for apparels up to April.
Sri Lanka’s exports got a boost after the European Union restored GSP+ benefits to the country.
Sri Lanka’s exports grew 10.2 percent to 11.3 billion US dollars in 2017, with industrial exports up 7.6 percent to 8.64 billion US dollars. (Colombo/May24/2018)