Throughout contemplation of the impending effect of ‘Brexit’ on Sri Lanka’s economy, especially for the garment sector which counts UK as one of its major export destinations, experts believe there won’t be any major impact of the ‘Brexit’ over the country’s apparel sector.
The observation was made by Dr. Amila Kankanamge, President of Colombo Chamber Of Commerce as he expressed his views on Britain’s exit from the European Union stating that Sri Lanka needs to develop a strong local economy which is unaffected by international incidents. “However this does not imply that our national economic model should be created based on European political and economic factors,” he adds.
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Kankanamge stated that since clothing is a basic human necessity, a large number of countries around the world produce and buy apparels. And hence, it is decisive to develop a second market place for the products so that in case of crisis in the main market, goods could be sold through this alternative market until the situation is resolved.
He further said that Sri Lanka should have a proper methodology to monitor the behaviour of the international marketplace so that the country could issue local products for sale accordingly in the regional as well as international markets. Kankanamge concluded by stating that if Sri Lanka maintains good quality in the apparels produced locally, it would not lose its position in the global market.
