Business

SL apparel industry eyes robust export sector in budget 2018

14 November 2017 - 88   - 0


The apparel industry gratified by the 2018 budget is hopeful for a robust export oriented Sri Lanka going by the proposals and measures adopted.
The Joint Apparel Association Forum (JAAF) in media statement on Tuesday said it was commendable that globalization and liberalization agendas were adopted and identifying the need to provide opportunities for businesses to thrive as opposed to governments getting into business themselves.
It was noted that all bottlenecks hindering growth were looked at seriously with measures adopted to update archaic laws and regulations to the modern day demands.
Some of key laws focused on by the apparel industry favourably were the customs ordinance that they believed should act as a facilitator than a regulator in the national interest.
Another area was the establishment of a new exchange management law and the new Inland Revenue laws.
Moreover, JAAF commended the state’s interest in looking at certain labour laws that were not in the interest of the workforce and particularly the option of adopting flexible working hours and the five-day work week that would prove favourable for workers and help the industry as well.
In addition, the apparel industry pointed out that the government’s objective of looking at the land and rent Acts were welcome since they were considered requirements that should be introduced for creating more private entrepreneurship.
In terms of trade liberalization it was noted that this was something mooted by the industry for some time and pointed out that in line with the budget proposal going forward the forte of the government would be to protect the internationally tradable goods. In other words this would mean offering export support systems that would have a slight penetration into the export market or those that have the potential to enter the export market, JAAF stated.
Understanding the importance of e-commerce, something that had been proposed by the industry for over a decade has come into fruition with the relevant agencies now expected to come up with a process for e-commerce transaction from January.
Another key factor in the budget this year was the identification of the relevant agency for each proposal, the apparel sector noted. (Sunimalee)

 

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