The textile and apparel industry is an important pillar industry in Sri Lanka. Its exports account for 47 percent of Sri Lanka’s total merchandise exports. There are currently about 350,000 employees in the industry. The export products of this industry are mainly sportswear, casual wear and knitted apparel, mainly in European and American markets. In 2019, Sri Lanka’s textile and apparel exports totaled USD 5.6 billion. In 2020, due to the impact of the pandemic, the output and exports of the Sri Lankan textile and apparel industry declined by a certain percentage. It is expected to recover in 2022.

The signing of this cooperation memorandum will promote trade cooperation between the member companies of both parties and bring more investment opportunities. There are many large-scale high-quality garment processing enterprises in Sri Lanka, and most of their fabrics are imported from China. At present, the Sri Lankan government has invested in the construction of a fabric industrial park, gradually improving the industrial structure of the textile and apparel industry.

 

The signing of the cooperation memorandum is a brand-new starting point for the deepening of cooperation between the textile and apparel industries of the two countries. It is hoped that the two sides can realize the mutual consultation, joint construction and sharing of the textile and apparel industries of China and Sri Lanka under the strategic framework of the “Belt and Road” initiative.