Wednesday Nov 13, 2024
Wednesday Nov 13, 2024
Monday, 17 October 2022 04:02 - - {{hitsCtrl.values.hits}}
Coats International Global CEO Rajiv Sharma says he is confident that Sri Lanka’s apparel industry will rebound and the economy will bounce back. “It’s actually happening as we speak, despite the last three months of unrest and confusion,” he said.
Sharma, who was on a flying visit to Sri Lanka recently to meet customers and employees, says the vibe is very good in the country. “You could never get a Sri Lankan down or depressed because there’s always happiness, optimism and a belief that tomorrow will be better than today,” he noted.
The CEO says the support the country gets internationally is clearly seen, owing to the goodwill Sri Lanka has built over several decades. “I meet customers in Europe and the US, who are empathetic and are genuinely willing to support Sri Lanka and its apparel industry. Everyone wants to go the extra mile with their support. That’s the first thing, and if you see what’s happened with the IMF loan, US, India, Japan, all jumped in quickly to support the people and economy. The way I see it, this crisis is just a bump along the road to greater prosperity for Sri Lanka.”
Speaking of the international market, Sharma says although newspapers and television news spell a lot of gloom and doom the reality will not be so negative. He is of the view that although the market is slow it is far from collapsing. “There is no demand destruction happening at a large-scale. So I believe the world economy will continue to be resilient. While there will be intermittent shocks, if you break it down into its components, I think the US and the Americas broadly, will be less impacted by what’s happening globally.”
He adds that Europe is in a difficult spot and will continue to be an area of concern as the chances of a recession have increased, but says Asia is looking relatively strong ex China. Policy adjustments in China could spur domestic demand and hopefully we will see it next year.
The Coats Global CEO says Sri Lanka is special for the industry and Coats because of its people. “It is the human capital in this country that allows it to punch above its weight. When you meet people in the industry, there’s optimism, expertise, courage and specialisation based on a track record of delivery. There are industry giants that have originated from Sri Lanka.”
Sharma says the kind of garments manufactured locally are very complex and cannot be transported or made in Africa or some other country, adding that Sri Lanka has the skill, modern machinery and good management that is needed for delivering this complexity, in abundance. The CEO says his wish to have more employees from Coats Sri Lanka taking on regional and global roles in Coats.
