Warnings abound about the dire situation in garment industry
It has been revealed that due to the economic crisis and the instability of the government in Sri Lanka, the amount of garment orders received from foreign companies has dropped between 30% – 50%.
Dhammika Fernando, General Secretary of the Federation of Free Trade Zone Investors, has disclosed the related information to the media. He has revealed that the orders for warm clothing needed for the coming winter should have been received by now, but it has fallen to a minimum.
It has also been pointed out that there are about 1,500 factories approved by the Board of Investment in the Free Trade Zone, out of which many garment factories are being moved to foreign countries.
It has also been pointed out that the withdrawn factories will be installed in countries like Bangladesh, Pakistan, Vietnam, Indonesia, India and Thailand and produce products at a lower cost.
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