President Anura Kumara Dissanayake has acknowledged that tax relief should be extended across all sectors, expressing the government’s intention to provide such relief in the future, while safeguarding the country’s economy in line with its revenue status.

President Dissanayake emphasized that the government’s goal is to achieve future economic growth targets based on the current economic stability in the country. 

He stated that the government will continue to invest in developing the necessary infrastructure for industrialists and investors without hesitation.

Pointing out that providing facilities for existing industries could pave the way to achieving initial growth targets, the President further stated that the government’s policy is to allocate every rupee toward more productive investments.

President Anura Kumara Dissanayake made these remarks during a preliminary budget discussion for 2026 held yesterday (11) at the Presidential Secretariat with stakeholders from the apparel sector.

During the meeting, representatives from the Joint Apparel Association Forum (JAAF), the Free Trade Zone Manufacturers’ Association (FTZMA), and small and medium-scale entrepreneurs in the apparel sector presented budget proposals relevant to their respective areas.

Stakeholders also briefed the President on new challenges and opportunities in the apparel sector, including rising production costs.  

Industrialists appreciated the government’s intervention in reducing the tariff rate imposed on Sri Lanka under the United States’ “Reciprocal Tariff” system. They thanked the President and requested continued support to secure further concessions.

The meeting also included extensive discussions on the challenges faced by the apparel sector and explored actionable steps to capitalize on new opportunities available to Sri Lanka in the global market. 

Attending representatives requested the President to highlight these issues during the upcoming official foreign visits.

Additionally, the need for a development bank dedicated to supporting small and medium-scale entrepreneurs was brought to the President’s attention by the attending representatives. (Newswire)

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Considering Sri Lanka’s reputation for its manufacturing excellence with extensive operations in South Asia, the Sri Lanka Export Development Board (EDB) in collaboration with Sri Lanka Missions in the USA organized the Sri Lanka Country Pavilion at “Sourcing at Magic Exhibition” in Las Vegas, USA, which was held recently with the participation of eleven (11) Sri Lankan companies. 

Sourcing at MAGIC Las Vegas is one of the world’s largest fashion marketplaces with a high-energy fashion experience which is held biannually in February and August in the Las Vegas Convention Center. MAGIC Las Vegas is the most comprehensive destination for fashion buyers and brands to discover new and emerging brands, explore the latest trends, connect with fashion insiders, gain industry insights, etc. 

The fair showcased men’s and children’s apparel, footwear, accessories, and manufacturing resources from all around the world. MAGIC Las Vegas accelerates sales pipelines and fosters new and refreshed business connections with access to a growing global audience of young contemporary and trend-driven retailers and buyers. 

Timex Garments (Pvt) Ltd, Aitken Spence (Garments) Pvt Ltd, Eskimo Fashion knitwear (Pvt) Ltd, Trendywear Adhikarigama (Pvt) Ltd., Nobleswear (Pvt) Ltd., Garment Services Meegoda (Pvt) Ltd, Colmans Garments Pvt Ltd. Nasna Impex Garments industries (Pvt) Ltd., Rainco Industries (Pvt) Ltd and Insomnia (Pvt) Ltd showcased and promoted a wide range of apparel products at the Sri Lanka Pavilion, ranging from ladies dresses and blouses, activewear, work wear, men’s shirts, underwear, children wear and raincoat capabilities to the USA market. 

Mr. Indika Liyanahewage, Chairman of the Sri Lanka Garment Exporters Association participated in the country focus session organized in parallel to the exhibition to share Sri Lanka’s experience on sustainable and ethical manufacturing practices in the Sri Lanka garment sector and its improvements. 

This year nearly 1,000 exhibitors, both local and international, representing manufacturing, supply chain and fashion technology from over 35 countries took part in the sought-after fashion trade exhibition to showcase the latest innovations in the supply chain. 

The participant firms received positive inquiries which will bring more businesses to Sri Lanka in the future. The buyers were mainly looking for small orders which is ideal for the Sri Lankan companies. (NewsWire)

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