The Fabric Park in Punnakuda, Batticaloa will strengthen import substitutes for the apparel industry and save US$ 500 million annually for Sri Lanka, Board of Investment announced adding that, Browns Group is investing Rs. 15.3 billion to put up the country’s most modern and the largest textiles plant in the Kurunegala District.
The Board of Investment (BOI) agreement to this effect was signed recently between Brown and Company PLC Group CEO T. Sanakan and BOI Director General Renuka Weerakone.
Sanakan, along with new Project Division Heads Dulip Samaraweera and Charitha Jayasingha has taken the initiative to save extensive outflow foreign exchange on the import of much needed fabrics for the apparel manufacturing industry for exports.
The Project is driven with the expertise of Prithiv Dorai and Kenneth Wijesuriya, who have a vast knowledge in textile manufacturing industry.
Currently Sri Lanka’s apparel and textile industry is the leading income generator in foreign exchange amounting to $ 5 billion dollars of which almost $ 3 billion is spent annually on import of raw materials.
Brown and Company said the project will be established in Mahakandura, bringing in employment to approximately 800 persons in the Kurunegala District.
The plant will embrace the green concept in textile manufacturing with modern state of art machinery with very latest in technology.
Sanakan, along with new Project Division Heads Dulip Samaraweera and Charitha Jayasingha has taken the initiative to save extensive outflow foreign exchange on the import of much needed fabrics for the apparel manufacturing industry for exports.
The Project is driven with the expertise of Prithiv Dorai and Kenneth Wijesuriya, who have a vast knowledge in textile manufacturing industry.
Currently Sri Lanka’s apparel and textile industry is the leading income generator in foreign exchange amounting to $ 5 billion dollars of which almost $ 3 billion is spent annually on import of raw materials.
Brown and Company said the project will be established in Mahakandura, bringing in employment to approximately 800 persons in the Kurunegala District. The plant will embrace the green concept in textile manufacturing with modern state of art machinery with very latest in technology.
Sri Lanka, which is a county that has garnered immense acclaim and a strong reputation worldwide for manufacturing high-quality apparel trusted by the iconic global fashion brands, annually imports textile raw materials used in the apparel industry worth US $6 billion from different countries around the globe.
Taking this into account, the attention of the Board of Investment (BOI) was drawn to set up the Textile Park in Punnakuda, Batticaloa with the intention of manufacturing textile raw materials locally.
The Park spread over a 255-acre land is equipped with all facilities and the potential to establish eight to ten large-scale factory complexes. Furthermore, the Textile Park can be named the largest development project being undertaken in the Eastern Province and will provide 5,000 job opportunities.
In addition, the Government is to spend a sum of Rs. 5.5 billion on the development of infrastructure facilities in the project which will eventually boost infrastructure facilities in the area, the BOI said.
