Business
Sri Lanka’s apparel industry aims for vertical integration and stronger trade ties, says FAAMA chairman
The newly appointed Chairman of the Fabric Apparel Accessory Manufacturers Association (FAAMA), Sahan Rajapakse, highlighted the importance of strengthening vertical integration and import substitution of textiles as the way forward for the industry.
Speaking at the 16th Annual General Meeting of the Association, the Chairman of FAAMA noted that the country currently imports most of its fabric requirements and raw materials, amounting to USD 2 billion annually.
“We have tremendous potential in the country. Most of our fabric requirements are imported, which include 10% synthetic fabrics and approximately 50% cotton. Only roughly 10% are produced domestically. When we look at it from a numerical perspective, there’s a significant market share we can capture. But it’s not just about the numbers; it’s about how we redefine the industry, position our country, and introduce innovation. It’s about creating true vertical integration, encompassing lead times, pricing, and industry flexibility. At FAAMA, we can seize this potential, establish true vertical integration, and expand into the global market and supply chain,” Rajapaksa stressed.
FAAMA also highlighted the sector’s risk brought about by the removal of SVAT, citing that it will lead to apparel manufacturers seeking to import more raw materials rather than purchasing them locally from FAAMA membership. This could result in 15% of their purchase costs becoming entangled in a lengthy refund process.
Meanwhile, the outgoing Chairman of FAAMA, Pubudu De Silva, thanked the membership for their commitment and resilience showcased amidst the economic crisis and COVID pandemic. He noted that the country has immense potential to strengthen its ability to source materials closer to home.
“I believe that we can contribute even greater value to addressing the challenges within the industry. At FAAMA, we aspire to go beyond simply promoting Sri Lanka as a destination. We aim to position the apparel industry as a comprehensive vertical solution. In every solution we offer, we must emphasize our country’s identity as a hub for this industry.”
Chairman of the Joint Apparel Association Forum, the apex body of the apparel sector, Sharad Amalean, noted that while the industry is facing a drop in orders, the importance of vertical integration cannot be overlooked. Strengthening Free Trade Agreements (FTAs) with neighbouring countries like India is essential if the sector is to develop and compete with the likes of Bangladesh.
“We mustn’t overlook the opportunity to engage in trade with our close neighbour, India. There’s a substantial market right there, and we need to strategize on how to become an integral part of it. Currently, we import a significant amount of Indian yarn and fabric, yet our access to duty-free trade with India is severely restricted. This is a challenge that we at JAAF have taken head-on, engaging directly with the President and the Chief Negotiator to strengthen our Free Trade Agreement (FTA) with India.”
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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