Apparel industry via JAAF continues dialogue with Government on forex crisis

The Joint Apparel Association Forum of Sri Lanka (JAAF) has called for intensive dialogue and greater stakeholder collaboration in order resolve the current forex crisis, as well as legislative reform towards a more sustainable medium-long-term trajectory for Sri Lankan apparel.

These views were expressed at the recent Annual General Meeting (AGM) of the Association, the apex body representing five associations encompassing supply chain partners, the export-oriented apparel manufacturers, buying offices and representatives of international brands in Sri Lanka, JAAF said in a media release.

Addressing the gathering, newly appointed JAAF Chairman and Deputy Chairman of MAS, Sharad Amalean commended the resilience demonstrated by the sector in the face of an unprecedented pandemic and outlined measures necessary for the sector to achieve its target of US$8 billion in exports by 2025, while maintaining GSP+ and enhancing bilateral trade.

“Once again, Sri Lankan apparel has delivered an outstanding performance, achieving over $5 billion in exports last year amidst various challenges. While highly commendable, there are still many obstacles ahead of us. In order to successfully navigate these uncertain times, it is essential that all stakeholders act with unity, and continue to engage in dialogue with authorities on issues pertaining to foreign exchange and the adoption of regulations that can ensure sustainable growth for our vital industry,” Mr. Amalean stressed, adding that securing of a GSP+ extension beyond 2023 will be absolutely critical for the growth of the industry.

Meanwhile, outgoing JAAF Chairman, A. Sukumaran noted that the industry would likely face continuing disruptions to their supply chain over the coming year, making the need for continuous engagement across industry stakeholders an essential pre-requisite to developing long-term solutions to the industry’s current and future challenges.

“The pandemic exposed underlying vulnerabilities in our extended global supply chains. However, we do not believe that right answer is to simply turn our backs to internationalization and build overlapping national supply chains - as had been advocated by certain quarters. Even with the current issues we face, the theory of comparative advantage within globalisation is still a more financially viable approach. However, we also need to identify select areas in which development of domestic capacity can support Sri Lankan firms to effectively compete on a global stage, and ensure that such capacity development is expedited as much as possible,” he said.

The AGM saw the appointment of JAAF’s new executive committee for 2022/2023, which includes Chairman Sharad Amalean, Deputy Chairmen Saiffudeen Jafferjee and Felix Fernando; Past Chairmen Noel Priyathilake, Azeem Ismail and Ashroff Omar. Other appointments include individual members of the executive committee; Mahesh Hirdaramani, Manik Santiapillai, Ajith Wijesekera, Jafar Sattar, Anis Sattar, Rehan Lakhany and Mahika Weerakoon.

Meanwhile, Founding Secretary-General of JAAF Tuli Cooray stepped down from his position and will serve as a consultant moving forward. He will be replaced by industry veteran Yohan Lawrence, Past Chairman of the Sri Lanka Apparel Exporters Association.