Abstract
Staff Studies is the bi-annual (March and September) peer-reviewed journal of the Central Bank of Sri Lanka. The Journal aims at stimulating innovative research for the analysis of current macroeconomic issues and policy challenges faced by central banks while providing a forum to present recent theoretical and empirical research.
Highlights
Garment industry has an important place in Sri Lanka’s economy
This paper identifies the threats and challenges faced by the industry and assesses the capabilities and prospects of the sector to face them
When export visas are issued to exporters to the EU, Textiles Quota Board (TQB) transmits all relevant information to the European Commission in Brussels through the Electronic Data Exchange System
Summary
Garment industry has an important place in Sri Lanka’s economy. The contribution to the Gross Domestic Product (GDP) was 5.3 per cent in 2002 This industry provides more than 330,000 direct employment or 5 per cent of country’s total employment in more than 1,060 garment factories. Sri Lanka’s garment exports have been largely governed by the Multi-fibre Arrangement (MFA) since 1978. The MFA, by providing a ready market, has restricted Sri Lanka’s exports but has protected it from competitors. Phasing out of MFA will open up more markets to Sri Lanka’s exports, and at the same time will intensify competition from other developing countries. Impact of International and Domestic Policies on Textiles and Garment Industry
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