Sri Lanka’s apparel industry wants stronger trade ties with China. And one way is through tie-ups with Chinese home grown brands. Apparel makers in Sri Lanka feel the need to align themselves with whichever country the Lankan government has a free trade agreement (FTA) with. And China may soon be one of them.
Efforts to drive the Sri Lankan apparel sector into a new growth phase may hinge on the potential FTA with China. Since China is a massive market, if Lankan exporters can capture even a small percentage of this market, it could lift up the entire apparel industry. An FTA which grants Sri Lankan apparel exporters access will open up a host of opportunities.
The Chinese market has grown manifold and there is good demand for luxury goods because of the large spending capacity. As a result of rising income levels the Chinese market has become a brand and quality conscious.
And while the Lankan government is looking for increased trade concessions with China, the two countries have a history of bilateral relations stretching back to 60 years.
