JAAF gives head start to promote ‘hub’ services concept among key players
Monday, 9 September 2013 00:06
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The Joint Apparel Association Forum (JAAF), the apex body of the textile and the apparel industry that facilitates and provides guidance and advisory services among others to the US$ 4 billion worth industry, has taken the first step to extol the virtues of the Government’s recently-enacted Commercial Hub Regulation among key industry stakeholders.
“The Government has opened the doors of new opportunity to those willing to embark on any progressive business that will help both the entrepreneur as well as the nation. We (the apparel sector) are glad to explore the new platform that will bring in additional revenue and improve our economy,” JAAF Secretary-General Tuli Cooray said, while making preparations for the high-profile meeting of his industry colleagues scheduled for 12 September at Galadari Hotel commencing at 4 p.m.
“We are privileged to have the presence of Treasury and Ministries of Finance and Planning and Economic Development Secretary Dr. P.B. Jayasundera as the Guest Speaker who will share his thoughts on the broader vision connected with the hub concept and explain the immense potential the regulation could bring about to the investor as well as the country,” he said.
Dr. Jayasundera has taken a lead role in developing a policy framework and a reform agenda for the post conflict Sri Lanka to make the country a rising economic centre in Asia under difficult circumstances.
The Government recently announced the establishment of the Commercial Hub Regulation that will make Sri Lanka’s primary sea-ports and the four EPZs duty free ports and zones respectively.
Sri Lanka, with its geographical advantage as a location, now has the infrastructure to support the Asian region to be a gateway connecting the East and the West. Having the largest deep draft ports and two international airports and other infrastructure, the country is poised to increase its shipping traffic over the next few years.
This will give global companies supply chain security and an efficient location for distribution, storage and transhipment and the ability to provide value added services to manufacturing and financial services such as HQ (headquarters) operations.
The new reforms are considered as a major policy initiative elevating the export led growth agenda to the next level, since the enactment of GCEC Law in 1977, after liberalising the economy.
The new policy change is expected to bring in unprecedented activity such as increase trade, help expand logistics services, modernisation coupled with already improved fiscal and monetary regime and it will emerge a totally new investment climate, Cooray pointed out. “You may not see all of this happening overnight, but could be certain that very soon we will be able to position Sri Lanka as the rising economic centre in Asia,” he opined.
Speaking of the apparel sector and the immense benefits the industry could accrue under this new regulation, Cooray said: “We have already set the ball rolling by mobilising all our existing resources to promote the new opportunity. Based on the vision of the five hubs concept, JAAF in 2011 submitted a recommendation for consideration for that year’s Budget Proposals, which focused on the need to establish a knowledge based economic hub, which will help increase export turnover. JAAF actively participated in most of the consultative processes capitalising on the Government’s ‘Open Forum’ policy where input from all shades of stakeholders were considered before Budget Proposals were introduced. We are indeed happy that CHR is now a reality.”
