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| Sunday, 21 March 2004 |
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ICTS a stepping stone for co-operation By Chanuka Mannapperuma The Indian Cotton Textile Show (ICTS) 2004 organized by the High Commission of India and Cotton Textiles Export Promotion Council was held last week at the Taj Samudra, to provide a stepping stone for co-operation between the apparel industrialists between the two countries. Sri Lanka imported US$ 1.36 billion worth of textiles during the year 2002 to support the apparel export industry which had grown from Rs 25 billion to Rs 215 billion during the period 1992-2002. As the country emerged as one of the leading suppliers of apparel in the world there is a growing demand for raw materials such as fabrics and yarn from garment manufacturers. These developments have promoted the Sri Lanakan apparel industry to meet the rising demand for raw materials through increased imports.Sri Lanka imported US $1.36 billion worth of textiles during the year 2002 to support the garment industry. There are abundant opportunities for Indian suppliers of yarn and fabrics and Sri Lankan apparel manufacturers to develop partnerships. Collaborations will also open up avenues for the Sri Lankan apparel industry to look more positively at the emerging Indian market due to the progressive reduction of tariff and non tariff barriers under SAFTA. India's vibrant cotton textile industry engaged in the production of a wide range of fabrics,home textiles and yarn and having geographical proximity with Sri Lanka is an ideal choice for worldwide garment manufacturers to meet the ever changing demands of Sri Lankan fashion. The Indian Cotton Textile industry has certain unique advantages which have made India a major player in the world trade of cotton textiles. Availability of wide varieties of raw cotton along with low cost of production had enabled India to emerge as an extremely competitive supplier in cotton dominated products. |
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