World Bank publishes Sri Lanka report
27/04/2016
In the report, Stitches to Riches?: Apparel Employment, Trade and Economic Development’, the World Bank recommended that Sri Lanka reduces import tariffs for manmade fibres from other South Asian countries and enters trade agreements with more nations in order to diversify export destinations for products such as active wear.
The World Bank also said that Sri Lanka should adopt clear investment policies in order to attract foreign investment and expand into new products (e.g. formal wear and high-end outerwear) so as to position itself as a textile trade hub.
Furthermore, the report urged Sri Lanka to promote industrial relocation and attract a larger female workforce to relieve labour shortages.
“Apparel manufacturing not only has a huge potential for creating jobs, particularly for the poor but also has a unique ability to attract female workers. Employed women are more likely to create positive social impacts as they tend to dedicate their income to the health and education of children,” said Françoise Clottes. World Bank country director for Sri Lanka and the Maldives.
Gladys Lopez-Acevedo, report co-author and a lead economist for the World Bank believes that Sri Lanka “should implement policies to become a regional leader in creating good jobs, bringing more women into the work force and diversifying its products and end markets to increase skills and value.”
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