“Sri Lanka’s Apparel Industry Aims for Vertical Integration and Stronger Trade Ties,” says FAAMA Chairman”
View(s):The newly appointed Chairman of the Fabric Apparel Accessory Manufacturers Association (FAAMA), Sahan Rajapakse, has highlighted the importance of strengthening vertical integration and import substitution of textiles as the way forward for the industry.
Speaking at the 16th Annual General Meeting of the Association in Colombo, the Chairman of FAAMA noted that the country currently imports most of its fabric requirements and raw materials, amounting to US$2 billion annually.
“We have tremendous potential in the country. Most of our fabric requirements are imported, which include 10 per cent synthetic fabrics and approximately 50 per cent cotton. Only roughly 10 per cent is produced domestically. When we look at it from a numerical perspective, there’s a significant market share we can capture. But it’s not just about the numbers; it’s about how we redefine the industry, position our country, and introduce innovation. It’s about creating true vertical integration, encompassing lead times, pricing, and industry flexibility. At FAAMA, we can seize this potential, establish true vertical integration, and expand into the global market and supply chain,” Mr. Rajapaksa stressed, in comments that were released to the media by the association.
FAAMA also highlighted the sector’s risk brought about by the removal of SVAT.
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