Apparel sector to get boost with GTEX2 launch today

Sri Lanka will launch today the second phase of the Global Programme on Textile and Clothing (GTEX2) which will help uplift the local apparel sector.

The Export Development Board (EDB) will ink in Colombo today a Memorandum of Understanding (MoU) with the State Secretariat for Economic Affairs of Switzerland (SECO), which is funding the project.

The proposal to sign the agreement was presented to the Cabinet by President Ranil Wickremesinghe under his capacity as Minister of Investment Promotion. 

“By entering into the agreement, Sri Lanka will be able to seek the support of the Global Textiles and Apparels Programme for a transformation of the textile and apparel industry, focusing on moving towards quality green products by promoting digitisation,” the Department of Government Information said in a statement. 

Sri Lanka’s apparel and textile manufacturing industry is the most significant and dynamic contributor to the nation’s economy. In 2023, the sector generated US$ 4.86 billion in export revenue, accounting for 41.82 percent of the national export revenue. 

EDB ranks Switzerland as the 15th largest export destination and the 29th largest import origin for Sri Lanka. Mittens and other textile products are listed as the main textile exports to the country. 

Overall, Sri Lanka aims to achieve an export revenue target of US$ 8 billion from apparel and textile exports by 2025. (NR)