SL ENCOURAGES SOUTH INDIAN WEAVERS TO INVEST IN SL

Sri Lanka Deputy High Commission in Chennai in collaboration with Tamil Nadu Powerlooms Federation organised a trade and investment delegation at the Mission premises on October 06, 2021, a statement from the Foreign Ministry said.

The statement said the objective of the meeting was to make the fabric manufacturers aware of the trade and investment opportunities available in Sri Lanka and business conducive environment for the apparel sector players.

Making his remarks the Deputy High Commissioner of Sri Lanka to Chennai D. Venkateshwaran stressed that India is Sri Lanka`s closest neighbour and second largest trading partner and that tremendous trade and investment opportunities are available in Sri Lanka which are mutually beneficial to both countries. Further, he added, that the international traders in both countries can indulge the benefits of enhanced trade as a result of lower transportation cost and low shipping duration due to exclusive proximity of Sri Lanka to India, duty concessions being given under the Indo Sri Lanka Free Trade Agreement (ISFTA) and preferential trade Pacts (SAFTA and APTA) and substantial swaps and concessions being furnished by the Board of Investment, Sri Lanka (BOI).

President of the Tamil Nadu Powerloom Federation, Mathivanan, emphasised the importance of doing business in Sri Lanka due to the ultimate facilities being provided and its high quality production processes.

Adding more to his remarks he expressed their interest to explore more opportunities in Sri Lanka for South Indian apparel manufacturers and establishing a textile and management institution in Sri Lanka which would provide technical knowhow and expertise knowledge about contemporary textile industry.

During the open interaction session, the Sri Lankan envoy was raised queries regarding the forming of joint ventures, business collaborations and other facilities given to the international investors.

While successfully addressing these questions, the Deputy High Commissioner invited the delegation to pay an official visit to Sri Lanka to explore the investment opportunities in the Eravur fabric processing park and experience the humongous facilities given to apparel manufacturers.

Concluding the meeting Deputy High Commissioner D. Venkateshwaran, commended the keen interest shown by the delegates to engage in business in Sri Lanka and were given the impulse to submit individual proposals upon their area of interests.

Further, he proposed forming the Tamil Nadu-sri Lanka Powerloom Federation soon which would bolster the fabric industry in both countries.