Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Large number of garment factories closed in Sri Lanka due to loss of GSP+ - Union
Tue, Feb 19, 2013, 11:01 am SL Time, ColomboPage News Desk, Sri Lanka.

Feb 19, Colombo: Since the loss of European Union's tariff concession Generalized System of Preference Plus (GSP+) to Sri Lanka over 180 garment factories have closed their doors to employees, a union leader has said.

Anton Marcus, convener and the General Secretary of the Free Trade Zones and General Services Employees' Union (FTZ&GSEU) said that the loss of GSP + concessions has led to the recent closure of 186 garment factories.

He also pointed out that almost 217,000 workers have lost their jobs.

The trade union leader said that the island had 835 garment factories in 2000 and the number was reduced to 500 by 2004. The industry had employed million workers in 2000 but now it only employs 283,000.

However, the income from the garment industry had increased since less workers are working more to offset the decline.

He also admitted that the industry has changed the strategy and now focus on specialized high-end more expensive designer garments rather than the simple finished garments it exported earlier.

The European Union, citing Sri Lanka's failure to meet human rights conventions relevant for benefits under the scheme, in August 2010, suspended the GSP+ tariff concession for Sri Lanka that provided tax free access to European markets for the country's products, especially for garment exports.

** Related Story :: Sri Lanka considering to reapply for GSP - report



ColomboPage - Recent 10 Stories
Sri Lanka launches US$ 650 million sovereign bond issue at 6.125%
-- [47 minutes ago]
Investment promotion agency promotes Sri Lanka to German investors in Mumbai
-- [9 hours ago]
Sri Lanka's Stock Exchange sees significant price appreciation of stocks this year
Fitch rates Sri Lanka's USD bond 'BB-(EXP)' ratings
President makes an inspection visit to J.R. Jayawardene Centre
Sri Lankan engineer kidnapped in Nigeria released
Opposition to bring no-confidence motion against Sri Lankan PM on June 9
Sri Lankan government appoints a special committee to study continuation of Colombo port city project
Sri Lanka's cabinet postpones final decision on electoral reforms bill for next meeting
Sri Lanka Development Bonds issue oversubscribed to US$ 338 million

Copyright © 2000, 2012 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.