Indian assistance for footwear industry

Indian High Commissioner Ashkok K Kantha has agreed to extend India's assistance to develop Sri Lanka's foot wear industry.

The Indian assistance to the Lankan foot wear industry was announced by the Indian envoy at the Indian leather buyer/seller meet (BSM) held in Colombo last week.

Minister of Industry and Commerce Rishard Bathiudeen was the chief guest at the fourth Indian leather buyer/seller meet.

Speaking about the Indo-Lanka Economic Cooperation Agreement, Minister said: "I am delighted to state that Sri Lanka is working towards early conclusion of the Economic Cooperation Agreement (ECA) between both countries and the Cabinet has appointed an inter-governmental committee to be convened by the Director General of Commerce. In this context, I am hopeful of an early finalization of the process thereby both neighbours will strengthen our centuries long historic relations."

The Buyer-Seller Meet and Trade Exhibition of Components, Materials & Leather for Footwear, Leather goods and Upholstery Industries have been organised by the Council of Leather Exports of India. This is the fourth such BSM held in Sri Lanka. In the 2010 BSM held in Colombo, US $ 19,500 worth confirmed orders were received.

"Indian leather is no stranger to Sri Lanka. Sri Lanka footwear industry imports the bulk of its leather requirements directly from Chennai, India. As all of us are aware India has become the number two footwear producer in the world. Sri Lanka's footwear industry is also expected to see healthy growth after the government had granted important tax concessions in 2010. I am given to understand that India is aiming to double its current leather exports to $ 7 billion by 2013-14. Sri Lanka footwear consumer market may not be as huge as India can look forward to, but emerging demand for designer footwear in Sri Lanka appears to be a new trend that Indian sellers can exploit" the Minister said.

He added: "20 major footwear component suppliers coming to our doorstep definitely offers a vast array of opportunities especially for our SAME's.