Sri Lanka Plans To Export $5 Billion In 2015.
Sri Lanka
The clothing department is the largest in the country.
Export industry
The clothing department set a target of exporting US $5 billion in export revenue in 2015, despite the fact that the clothing department has lost the GSP+ status of the EU.
The European Union is the largest export market in Sri Lanka.
Sri Lanka United
clothing
Tuly Cooray, the former Secretary General of the association, said that enhancing competitiveness will help the garment industry achieve this goal.
The added value of the garment industry in Sri Lanka has grown 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, Tuly Cooray 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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