Int’l logistics sector contribution to SL GDP to double by 2025
While the contribution of the international logistics industry to the country’s Gross Domestic Product (GDP) is less than 2.5 per cent as of today, the figure is expected to double by 2025, says Rohan Masakorala, CEO of Shippers Academy Colombo.
Speaking at a media briefing organised to announce the 9th ‘Colombo International Yarn and Fabric Show 2017′ at the Kingsbury Hotel in Colombo on Monday, Mr. Masakorala said: “International Logistics sector contribution to the country’s GDP being less than 2.5 per cent is not a favourable figure with the (attractive) location the country is in.”
Mr. Masakorala, a former Secretary General of the Joint Apparel Association Forum (JAAF), also noted that Sri Lanka’s apparel sector exports are expected to reach US$ 8 billion by 2020.”After regaining GSP + we believe that apparel exports will increase in the coming years,” he added.
Referring to other sectors of the economy, he said that Sri Lanka lacks marketing of its sea and air ports which are valuable assets that could trigger revenue to the country.
At the media briefing it was stated that the exhibition will be held parallel to two other exhibitions at the Sri Lanka Exhibition and Convention Centre in Colombo from 15-17 September. ‘International Home Textile Sri Lanka Expo 2016′ will be held for the first time together with the 2nd ‘Sri Lanka International Air Freight, Shipping and Logistics Expo 2017.’ The exhibition is focused on the entire apparel and textile world and logistics industry of Sri Lanka.
According to a media release issued at the briefing, it was stated that with the ever increasing competition in the world market, the industries of Sri Lanka can expand their share in the market abroad. At the same time it could attract more foreign investment especially in the garment and textile industry. More than 150 exhibitors from some five countries will participate at this event. These three events targeted at the entire business community, will play an important role by bringing worldwide technology, yarn and fabric manufacturers, and the logistics sector at the doorstep of the manufacturers of Sri Lanka and appraise them of the latest developments and technology available enabling Sri Lanka to better compete in the world market.