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Sri Lanka Apparel Industry Association Appealed To The Government To Take Measures To Support The Garment Industry.
Sri Lanka's daily finance reported on April 10th that faced with an unprecedented downturn and expected losses of more than $1 billion 500 million, the Sri Lanka apparel industry yesterday appealed to the government to listen to proposals aimed at alleviating the impact of the new crown on the garment industry, including early restarting factories, providing support to companies with less than 3000 employees, suspending EPF and ETF payments and expanding operating capital. Ben.
The Sri Lanka apparel union appealed to the government to take immediate measures to support the garment industry. As Sri Lanka's second largest source of foreign exchange, the garment industry in Sri Lanka offered 400 thousand jobs and earned 5 billion 600 million dollars last year. Compared with the previous fiscal year, the Sri Lanka apparel clothing Association expects that clothing exports in Sri Lanka will be reduced by US $1 billion 500 million in the 3 months to June. Losses are more than that. After June, in the best case, further shrinkage of demand may lead to a further reduction in garment exports by 30-40%.
The United costume warns that although most companies have promised to pay their salaries in March, the amount of working capital has been greatly reduced due to the cancellation of orders. Most companies will be unable to pay the salaries from the end of April.
The United Garment Association said the government has taken some measures to support the garment industry, but called on the government to introduce more relief measures. First, restart the garment factories as soon as possible, and restore all capacity to avoid losing business to Bangladesh, Kampuchea, Vietnam, Indonesia and other competing countries. Two is the government's support to help employees of less than 3000 employees to maintain their lives. Three, it calls on the government to suspend the 6 months' payment of employees' Provident Fund (EPF) and employee trust fund (ETF) for employers and employees. The four is to help enterprises to raise working capital.
(source: Ministry of Commerce)
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