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New opportunities for investing in Sri Lankan technical textiles: EDB

03 Oct '12

1 min read

The present situation in the country provides ample opportunities for investing in technical textiles, especially geo-textiles and medical textiles, the Sri Lanka Export Development Board (EDB) has said.

The Board said the performance of small and medium enterprises in the Sri Lankan garment sector is declining and these firms need some assistance to enable them to realize their full potential.

However, technical textiles provides a good opportunity and the country should invite Foreign Direct Investments (FDI) or joint venture partnerships in this area, the EDB said.

It added that the Government should provide incentives to attract technical textile projects in the country, which are not present in the country at the moment.

In Sri Lanka, the textile and apparel sector is a key industry contributing to the country's economic development.

The EDB said the new initiative by the Government should aim at attracting new entrepreneurs to produce high-end products.

Technical Textiles News Desk - India