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Within a day after Sri Lanka and EU successfully joining in Colombo for the redux of the sought after GSP Plus to boost its apparel exports, comes yet another coveted technical breakthrough extended through a surging EU economy –and this support stream connects not only to Lanka’s finished apparels but even its manufacturing core itself-opening along with it a new market destination even beyond EU called as the next economic supermodel of the world, as revealed on 25 March.
“Sweden is highly innovative in textile and fashion designs and we are also among the top apparel industry technical research and development leaders. We are focusing on extending sector-based support to Lanka products. Boras Textile Fashion Centre a starting point for Sri Lanka and we can link you to Boras so that the process could start” said a pleased Nesli Almufti (Stockholm based Trade Policy Advisor of Swedish Government’s National Board of Trade-Open Trade Gate) on 25 March in Colombo.
Swedish Trade Policy Advisor Almufti was addressing Rishad Bathiudeen (Minister of Industry and Commerce of Sri Lanka) during her special meeting with Minister Bathiudeen on 25 March at EDB. Joining Advisor Almufti was Stockholm based Helena Hafgren (Swedish Apparel and Fashion Expert Consultant to National Board of Trade-Open Trade Gate).
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“We have a high standing in fashion design and more importantly, we are ranked at top in apparel research and development. We, Swedish Government’s National Board of Trade-Open Trade Gate, work with more than 100 Donor Approved List countries of OECD to encourage their exports into Sweden! In Sweden, we do the work of a country’s Ministry of Trade” said Swedish Trade Policy Advisor Almufti, and added: “We are in Sri Lanka since we were called for support by Lankan Embassy in Stockholm and we then realised we need to go. Sweden is also the gateway to what is called as the next economic supermodel in the world –it’s the four country premium “Nordic market” of which Norway is not part of but could be accessed through Sweden-also to Iceland. Sweden as well as Nordic region continues with its strong growth despite recent EU downturn. This Nordic market is not worried about costs of your products. Nordic market with Sweden is highly developed and there’s growing demand for niche products from abroad in them-the more expensive and up market variety. One reason we are encouraging imports from countries such as Sri Lanka is that one third of our exports consist of high quality imports coming to Sweden! Today’s value and supply chains are no more centred in one country to one country. Among our global brands are Skype, H&M and Ikea.
Sweden is highly innovative in textile and fashion designs and we are also among the top apparel industry technical research and development leaders. We are among the top three in that. We are focusing on extending sector-based support to Lanka products. Apparels being one. We believe that Boras Textile Fashion Centre area and its University close to Sweden’s second largest city Gothenburg are famous for apparel R&D including smart textiles, high tech textiles, apparel technical incubators, Museum of Textile History, and the Nordic Textile Library and that’s a starting point for Sri Lanka and we can link you to Boras so that the process could start.”
GDP per capita in Nordic region is higher than Eurozone and lately Nordic GDP has also been growing faster than the Eurozone’s. Sweden, with its $500+ Bn of GDP, is the seventh largest economy in EU. According to the European Commission, Swedish GDP will be “the fastest growing in 2015 at 3.3% within ‘Nordic region’ (European Commission also has the GSP Plus decision making authority on Sri Lanka). Sri Lanka and EU commenced work on the recovery of the GSP Plus from EU on 24 March in Colombo with the arrival of a high level GSP Taskforce directly from Brussels.
“I am so pleased of technical support from a highly developed economy to our apparels which is also timely since our prospects to recover GSP Plus and boost apparel exports are brighter after we started work with visiting EU GSP Taskforce yesterday 24 March” said a pleased Minister Bathiudeen, responding to Trade Policy Advisor Almufti, and added: “Apparels are Sri Lanka’s topmost merchandise exports earner and we are almost ready to achieve the $5 billion export milestone in it. Our apparel exports in 2014 were at $4.9 billion increasing by 9.2% from 2013. We believe GSP Plus door may open for us. Sri Lankan apparel sector’s manufacturing now at G4 levels with even the large global fashion brand portfolio owners such as PVH Corporation directly partnering with us on their speed orders.
Our Industry Completing Cycle is a short 4-5 days up-to shipping, and we can readily supply premium apparels to Sweden and Nordic region as a result. Close to one third of our exports to Sweden are apparels.”
According to the Department of Commerce of Sri Lanka, in 2014, Sri Lanka’s total trade with Sweden stood at $ 125 Mn, of which $71.05Mn were exports-of which 31% were apparels. Sri Lanka’s biggest imports from Sweden was cellular and wireless products in 2014.
– Asian Tribune –