Punnakuda Fabric Park to boost apparel industry, save US$ 500 mn annually - BoI Chairman

The Fabric Park in Punnakuda, Batticaloa will strengthen import substitutes for the apparel industry and save US$ 500 million annually for Sri Lanka, Board of Investment Chairman Raja Edirisuriya said following an inspection visit to the Fabric Park recently.

“This will be the largest development project in Eastern Province with investment worth Rs.5.5 billion on infrastructure facilities and other  development purposes. Four leading garment manufacturing companies are willing to invest,” the BOI Chairman said.

Sri Lanka annually spends the US$6 billion on raw materials needed for textile manufacturing. With this Textile Park, raw materials worth the US$500 million can be produced. At least 5,000 job opportunities would be created. The Park has been designed using the latest technology in an environmentally friendly manner.

“Sri Lanka is a county that has received much acclaim and a strong reputation worldwide for manufacturing high-quality apparels trusted by iconic global fashion brands. Sri Lanka annually imports textile raw materials used in the apparel industry worth US$6 billion from countries around the globe. Taking this into account, the attention of the Board of Investment (BOI) was drawn to set up the Textile Park in Punnakuda, Batticaloa to manufacture textile raw materials on the Island itself,” he said.

The Park which is a 255-acre land is equipped with all facilities and the potential to establish eight to ten large-scale factory complexes. Furthermore, the Textile Park can be named the largest development project being undertaken in the Eastern Province.




by Daily News Sri Lanka

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