Intex South Asia 2017 will showcase around 250 exhibitors from 15 countries and regions from 15-17 November at the Sri Lanka Exhibition & Convention Centre (SLECC), Colombo-10.
Today, Sri Lanka’s growth, its reputation for quality manufacturing and value addition is attracting manufacturers and investors from across the globe. Sri Lanka plays a pivotal role for intra-regional integration due to its politically neutral status, creating a positive business environment for entrepreneurs from Sri Lanka, India, Pakistan and Bangladesh to meet and do business together.
At the same time, Sri Lanka is also transforming into a regional business hub attracting international interest as the optimum location to conduct business with South Asian countries in one central location. Sri Lanka has all the advantages to be developed as the economic hub of South Asia, thus making it the gateway to the huge South Asian market.
The GSP-Plus awarded to Sri Lanka will greatly boost Sri Lankan industry which will now be able to export over 6,000 products duty free to the European Union (EU).
The additional tariff concession gained by the apparel categories will see duties cut from 9.6 percent to 0 percent. More EU customers are now expected to change their sourcing strategy (favouring duty free countries like Bangladesh and Cambodia) in favour of Sri Lanka.
GSP Plus will enhance Sri Lanka’s apparel exports, comprising 61% of total exports to the EU. The reduction of tariffs is estimated to be valued at around US$ 60 million. Apparel exporters anticipate a 10-15 percent boost in export earnings in 12 months following regaining of GSP Plus, and will particularly accrue to the smaller players.
Arti Bhagat, Director, Worldex India, organiser of Intex South Asia said, “GSP-Plus is a positive development for Sri Lanka’s economic progress. Intex South Asia takes this development to the next level by enabling Sri Lankan exporters and manufacturers to come together and take advantage of common synergies towards quicker lead times, faster sourcing of quality fabrics and trims to create superior offerings.”