Clothing Industry In Sri Lanka Finds A Good Opportunity

Rajapaksa, who is attending the UN General Assembly in New York, told the Wall Street journal that Sri Lanka, who had been in turmoil for 15 months, had been in peace for a period of time. During this period, his government was committed to rebuilding roads and iron roads in the northern and eastern parts of the war ravaged areas, increasing the supply of electricity and clean water, and providing housing.

He said that Sri Lanka has educated citizens, relatively low labor costs, and a large number of trained accountants, which are attracting interest from outsourcing enterprises, including the expansion of business to India's large business process outsourcing companies outside India.

The wages of employees in India enterprises have also risen.

Rajapaksa added that retailers in Europe and the US are increasingly using costumes in Sri Lanka because the country's cost is lower than that of China.

He also said that the result of this interest is that the clothing industry in Sri Lanka is facing a labor shortage.

Omar, chief executive of BrandixLankaLtd., a clothing export company, said that hiring a Sri Lanka "skilled" clothing worker now costs about $150 a month, while China costs $400. "AshroffOmar"

He said that in a few years, the cost of employment in China will be about $600, and Sri Lanka will be around $200.

Omar and some 20 business leaders and government ministers accompanied President Rajapaksa to the United States.

Rajapaksa said tourism in the country is developing and tourists from India are attracted to peaceful Sri Lanka, and the interest of European tourists, especially Nordic tourists, has risen.

Agriculture and fisheries are the main driving force for the country's economic development.

President Rajapaksa admitted that Sri Lanka was still excluded from the war area because it was thought to be a war zone, but the country has not had a war for more than a year, and foreign governments have generally cancelled warnings for tourists to stay away from Sri Lanka.

According to Fitch Ratings (FitchRatings) data, the economy in Sri Lanka increased 8.5% in the second quarter compared with the same period last year, compared with an increase of 7.1% in the first quarter.

Rajapaksa said that inflation is now slightly below 6% and is under control.

The International Monetary Fund (InternationalMonetaryFund) recently said that the interest rate cut measures of the Central Bank of Sri Lanka (CentralBankofSriLanka) are appropriate, and the percentage of inflation growth this year is expected to remain single digits.

Rajapaksa said he was most worried about protectionism in other Asian countries when Sri Lanka wanted to enter Asia's unprecedented economic growth.

Sri Lanka has a population of 20 million. After the defeat of the Tamil Tiger Liberation Organization (TamilTigers), the country ended its 30 year civil war in May 2009.