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Sri Lanka Budget 2017: Much on cards for apparel sector

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Sri Lanka Budget 2017Following the route listed by the recently announced Sri Lankan Budget for 2017, it becomes quite evident that there are multiple benefits for the apparel and textile sector in the country. Apart from Rs. 500 million for Small and Medium Enterprises (SMEs), the Sri Lankan Government will support the formation of a textile cluster by providing investment relief to businesses that will invest in this venture and will also provide adequate space to save close to US $ 2,000 million per annum.

Also ReadBangladesh Budget ’16-17: FM proposes VAT & customs exemptions for handloom sector

Presenting the Budget, Finance Minister of the country, Ravi Karunanayake said that the Government has proposed the formation of a cluster that would include sizing, dyeing and finishing units by the private sector. The Budget will permit garment exporters to also import products of foreign enterprises for reworking, operating under the commercial hub regulation.

The Government will also allow domestic apparel companies to invest in overseas entities involved in apparel design and manufacture up to 5 per cent of their average export turnover of the preceding three years in any given year.

Also ReadRwanda Budget ’16-17: Focus on Textile, Garment & Leather Industry

Moreover, the Government has proposed a significant shift in the policy framework by keeping a special room for vocational training, under which there is a provision of scholarships to anyone who wishes to follow a vocational training programme at a state-operated institution.

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