The Joint Apparel Association Forum,(JAAF), Srilanka :Apparel Industry to continue dialogue with Government on forex crisis
28 January 2022, Mumbai:
The Joint Apparel Association Forum of Sri Lanka (JAAF) called for intensive dialogue and greater stakeholder collaboration in order to arrive to 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.
Addressing the gathering, newly appointed Chairman of JAAF 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 Bn in exports by 2025, while maintaining GSP+ and enhancing bilateral trade.
“Once again, Sri Lankan apparel has delivered an outstanding performance, achieving over US$ 5 Bn 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,” Amalean stressed.
“We must also continue to enhance our bilateral trade by engaging with regional partners and associations to enhance trade relations. The securing of a GSP+ extension beyond 2023 will be absolutely critical for the growth of our industry,” he added.
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 prerequisite to developing long-term solutions to the industry’s current and future challenges.
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