Industries should increase production to meet country's needs -
President
by Lalin Fernandopulle
A modern industrial township is under construction at Horana with
similar facilities offered by MAS Holdings eco-friendly fabric park in
Thulhiriya, said President Mahinda Rajapaksa.
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MAS Holdings Chairman Mahesh Amalean explains a point to
President Mahinda Rajapaksa at the MFP while Ministers Rohitha
Bogaollagama, Athauda Seneviratne, Mano Wijeratne and officials
of the BOI look on.
Pic by Kavindra Perera |
The President was addressing a gathering at the launch of South
Asia's first eco-friendly textile and apparel industry park by MAS
Holdings. "As the modern textile complex will contribute to develop the
textile and garment industries with a large earning of foreign exchange
all other industries should strive to increase production to meet the
country's requirements," he said.
Garments is the main industry which has an annual export earning of
US$ 3,000 mln and provides over one million direct and indirect
employment to people.
The government has identified the need to achieve an economic growth
rate of eight percent through the 10-year development plan.
"To fast-track growth the government plans to launch major
infrastructure development programs in the underdeveloped provinces and
take the economic benefits which are confined to the Western province to
the rural sector," the President said.
Private companies such as MAS Holdings supporting the government to
rebuild and revitalise enterprises that affected after privatisation
shows the expectations and confidence placed by investors in the
development of the country.
"The government achieving an oversubscription of US$ 500 million on
the bond issue despite obstacles and attempts to sabotage fund raising
with false propaganda is a great victory for the country," the President
said.
Chairman, MAS Holdings Mahesh Amalean said in launching the Mass
Fabric Park (MFP), MAS Holdings envisions Sri Lanka becoming an apparel
sourcing hub in the region.
"The partnership with DOGI International Fabrics will help MAS to
support the growing demand for warp knit fabric in the region enhancing
Sri Lanka's competitiveness," Amalean said.
Based in Spain DOGI International Fabrics is the largest warp knit
fabric manufacturer with manufacturing facilities in China, Thailand,
North Carolina, Germany and the Philippines.
MAS Holdings is a strategic vendor to Victoria's Secret, Nike and
Marks & Spencer. The 165 acre MFP (Former Kabool Lanka complex) is
designed to attract textile accessories, fabric and apparel
manufacturers to Sri Lanka and position the country's apparel sector as
a one-stop-shop for apparel solutions.
Designed by international experts, the MFP conforms to specifications
of the United Nations Environmental Program, Global Compact and the
United Nations Economic and Social Commission for Asia and the Pacific.
Amalean said the agreement to set up the MAS Holdings fabric park in
Nellu, Andra Pradesh in India next year will enable the company to make
a strong presence in the region and expand its customer base.
MAS Holdings launched in 1987 comprises a portfolio of 25 worldclass
facilities and design centres across five countries employing over
40,000 people. The company will celebrate its 20th anniversary this
year.
"With an investment of US$ 150 million for the next two years, MAS
Holdings will need 3-5 years to fill the capacity of the park. We need
another four projects to make the investment viable," Amalean said.
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