The Fabric and Apparel Accessories Manufacturers Association (FAAMA) has encouraged the government to recognise the industry’s rising value contribution to the economy and foreign reserves, as needed assistance can help exploit a $ 2 billion economic potential faster.
FAAMA thinks that with the appropriate assistance and policies, the local sector can considerably increase its contribution. The fabric and accessories area contributes significantly to the value of the garment business. FAAMA President Pubudu de Silva stated that value addition has risen from 30% to 50% in the last five years.
FAAMA believes that fabric and accessory makers must be given constant support. In 2021, the government has set an ambitious $ 6 billion export target for the clothing industry. Apparel exports fell to $ 4.1 billion in 2018 from $ 5.6 billion in 2019. Textile and garment exports totaled $ 1.7 billion in the first four months of 2021.
FAAMA, like its parent organisation, the Joint Apparel Association Forum (JAAF), emphasised the need of vaccinating industry personnel as soon as possible in order to maintain survival, resilience, and development momentum. Due to repeated waves of the COVID epidemic and the resulting closures and limitations, the whole clothing sector has experienced timely execution/delivery as a significant problem. The priority of FAAMA is to attain the first milestone of 2019 export figure of $ 5.6 billion.
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