July 15, Colombo: Royal Pac Printcare Lanka (Private) Limited has signed an agreement with the Board of Investment (BOI) to establish an operation for the manufacture of apparel labels and packaging material for the apparel industry of Sri Lanka.
r-pac International Holding Co., the foreign investor in the new venture, is a company based in New York, USA, and is one of the largest label and packaging material suppliers to the global apparel industry. It currently has operations in over 25 worldwide locations including the Americas, Europe, Middle East and Asia, and currently enjoys an exceptionally large retailer contact base with particular access to the US market. With worldwide accreditation, r-pac International has also been experiencing continuous and steady growth in South Asian markets such as Bangladesh and India.
The company has a highly advanced manufacturing technology process including significant technological advances in RFID technology which is increasingly deployed in apparel packaging and its supply chain. These attributes coupled with the company’s innovative approach and intense focus on customer service has made it a preferred and leading supplier of apparel labels to the global apparel industry.
The local partner, Printcare Packaging Pvt Ltd, a fully-owned subsidiary of Printcare PLC, one of the largest and most sophisticated printing operations in Sri Lanka, is a leading provider of innovative printing and packaging services to export industries in Sri Lanka.
Mr. Pradeep Sugathadasa, Director, Royal Pac Printcare, said that this collaboration between the two majors is a great opportunity to add value to the apparel industry.
"The new joint venture is a timely investment and will significantly contribute to the Sri Lankan economy, while enhancing the competitiveness and flexibility of the apparel sector by making available a wide variety of apparel labels and packaging products."
He also added that the locally produced apparel labels and packaging material will be made available to the apparel sector at competitive prices and faster lead times.
The new venture will enable local apparel manufacturers to reduce their reliance upon imported labels and packaging products, while generating significant foreign exchange savings. The joint venture will also greatly enhance the opportunity for indirect exports, resulting in further corresponding foreign exchange inflows into the country.
"The apparel label industry has directly benefited from this growth. The prevailing positive business climate indicates excellent potential for growth of the apparel label industry in Sri Lanka and ideal market conditions for a strong, well-networked, branded label supplier to enter the market, thereby facilitating competition and contributing to further growth of the industry," Mr. Sugathadasa added.