Fabric and Textile Manufacturing Plants
Fabric and Textile Manufacturing Plants
Business Model Description
Invest to develop and operate fabric and textile manufacturing plants in dedicated zones such as the textile manufacturing zone in Eravur. In 2022, the Sri Lanka Board of Investment (BOI) signed the agreement for the first FDI in Eravur, a USD 35 Mn investment by Jay Jay Mills Lanka, a supplier to globally-renowned infant apparel brands (27). Examples of other companies active in the IOA space:
Ocean Lanka (Pvt) Ltd, established in 1996, is a large weft knitted fabric manufacturer with over 20 years of experience in producing high quality fabrics. The company is a joint venture between Hong Kong based Fountain Set Holdings and local Hirdaramani Group and Brandix Lanka Limited (15) It has the capacity to process over three million lbs (1,500 tonnes) of fabric and yarn in a month (22)
Hayleys Fabric PLC commenced operations in 1993 and is the first fabric mill to be listed in the Colombo Stock Exchange in 2003. Specialises in the synthetic range of knitted fabric. Rotary printing, sublimation printing, sueding and brushing fabric, and many chemical finishes are some of their value-added technical capabilities. 17,326 MT of Fabric and a turnover of USD 140 Mn in 2021(16)
A.P.S Knitters (Pvt) Limited established in 1991, is a producer for many categories and type of fabric, present across Sri Lanka. It is also the parent company of A. P. S. Marketing Services (Private) Ltd, C. P. S. Trading Co. (Private) Ltd, P. K. C. Knitters (Private) Ltd and Texknit (Private) Ltd. 5500 – 6500 kgs of fabrics are produced daily at the factory in Mattakkuliya (18)
OceanicKnitters Pvt Ltd. was established in 1980. They are one of Sri Lanka's finest Knit Fabric manufacturers. The company also has vertical operations from knitting, dyeing and finishing of knit fabric to cater to the local and international markets. Capacity in the knitting of 4-5 tons a day and dyeing of 10-11 tons a day (19)
Tee Jay Lanka PLC founded in 2000 is a leading multinational manufacturer of weft knitted fabric. The company is backed by Sri Lanka’s largest apparel exporter Brandix Lanka, which has a 32% stake. Pacific Textiles of Hong Kong, owns 27% of Teejay Lanka. USD 250 Mn in revenue with a daily production capacity of 75 tonnes in 2021. Teejay was the first company in the country to produce green fabric (13)
Expected Impact
Investments in this IOA will help build domestic capacities to integrated value added products and services in the apparel sector leading to enhanced employment opportunities, reduction in import dependence and sustainable industrial practices
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
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Country & Regions
- Sri Lanka: Eastern Province
- Sri Lanka: North Western Province
Sector Classification
Consumer Goods
Development need
Industrial exports account for USD 9.7 bn in 2021 (more than 75% of total goods export earnings). Mainly contributed by Apparel and followed by rubber products. Industrial sector share of GDP was at 30% and retail and wholesale trade contributed to 13% in 2021 (3) (4) The sector has adopted innovative strategies that include ‘Garments without Guilt’, ‘Responsible Fashion’ and ‘Green Buildings (5)
Policy priority
A Roadmap Towards a Greener Apparel Sector - a Sustainable Financing Strategy for Sri Lanka: has identified areas where Sustainable Finance could transform the industry, such as through energy efficiency, innovative water and wastewater management, chemical management, and environmental stewardship (5)
Gender inequalities and marginalization issues
Of all the industries, 40% of export earnings are contributed by the apparel sector. Women make up about 85% of the workforce in the apparel industry in Sri Lanka (1). The skill gap in sectors such as electronics and electricals expected increase from 996 in 2019 to 2,319 in 2025 (8).
Investment opportunities introduction
Sri Lanka has entered into 28 Bilateral Investment Promotion and Protection Treaties (BITs), providing a protection to foreign investments within the country. Sri Lanka has entered in to Double Taxation Avoidance Agreements with 44 countries to eliminate or mitigate double taxation. Literate labour force with above 90% literate males and females
Key bottlenecks introduction
Relatively high utility costs; low backward integration resulting in heavy dependence on
imported raw materials, a challenge that has been exacerbated by the disruptions in global value chains owing to the pandemic. The sector lacks diversification of products and markets, which focuses on traditional products and markets with less innovation and diversification
Apparel and Textiles
Development need
The textile and apparel sector of Sri Lanka plays an important role in the economic growth of the country. It is the single largest contributor to Sri Lanka’s goods exports (45% of total). With over 250 manufacturing plants located around the country, employing over 350,000 people directly according to the Board Of Investment (BOI), the sector peaked with USD 5.5 billion exports per year at peak in 2019.
Policy priority
Under the Strategic Development Project Act No. 14 of 2008, the Textile Manufacturing Zone in Eravur, Batticaloa was declared as a Strategic Development Project by the BOI and awards concessions to investors.
Gender inequalities and marginalization issues
Women make up about 85% of the workforce in the apparel industry in Sri Lanka, especially in the rural areas (1) Empowering them and providing training is necessary, which can improve not only the livelihoods of women but also have positive benefits for their households including improvement of their living standards.
Investment opportunities introduction
Eravur(Eastern Province) with 275 Acres Phase I (With potential for expansion) has been identified as a strategic development project by the BOI with tariff benefits for investors and manufacturers through EU and UK GSP + scheme. Through programmes such as “Garments without Guilt”, the industry has earned a reputation as an ethical supplier where no child labour or forced labour is used.
Key bottlenecks introduction
Exchange rate risk acts as a disincentive to provide credit lines for long-term tenor. The EU ESP+ scheme will expire in 2023 and will result in the loss of preferential tariff benefits. The high cost of local borrowing rates acts as a barrier for investments into the sector.
Apparel, Accessories and Footwear
Pipeline Opportunity
Fabric and Textile Manufacturing Plants
Invest to develop and operate fabric and textile manufacturing plants in dedicated zones such as the textile manufacturing zone in Eravur. In 2022, the Sri Lanka Board of Investment (BOI) signed the agreement for the first FDI in Eravur, a USD 35 Mn investment by Jay Jay Mills Lanka, a supplier to globally-renowned infant apparel brands (27). Examples of other companies active in the IOA space:
Ocean Lanka (Pvt) Ltd, established in 1996, is a large weft knitted fabric manufacturer with over 20 years of experience in producing high quality fabrics. The company is a joint venture between Hong Kong based Fountain Set Holdings and local Hirdaramani Group and Brandix Lanka Limited (15) It has the capacity to process over three million lbs (1,500 tonnes) of fabric and yarn in a month (22)
Hayleys Fabric PLC commenced operations in 1993 and is the first fabric mill to be listed in the Colombo Stock Exchange in 2003. Specialises in the synthetic range of knitted fabric. Rotary printing, sublimation printing, sueding and brushing fabric, and many chemical finishes are some of their value-added technical capabilities. 17,326 MT of Fabric and a turnover of USD 140 Mn in 2021(16)
A.P.S Knitters (Pvt) Limited established in 1991, is a producer for many categories and type of fabric, present across Sri Lanka. It is also the parent company of A. P. S. Marketing Services (Private) Ltd, C. P. S. Trading Co. (Private) Ltd, P. K. C. Knitters (Private) Ltd and Texknit (Private) Ltd. 5500 – 6500 kgs of fabrics are produced daily at the factory in Mattakkuliya (18)
OceanicKnitters Pvt Ltd. was established in 1980. They are one of Sri Lanka's finest Knit Fabric manufacturers. The company also has vertical operations from knitting, dyeing and finishing of knit fabric to cater to the local and international markets. Capacity in the knitting of 4-5 tons a day and dyeing of 10-11 tons a day (19)
Tee Jay Lanka PLC founded in 2000 is a leading multinational manufacturer of weft knitted fabric. The company is backed by Sri Lanka’s largest apparel exporter Brandix Lanka, which has a 32% stake. Pacific Textiles of Hong Kong, owns 27% of Teejay Lanka. USD 250 Mn in revenue with a daily production capacity of 75 tonnes in 2021. Teejay was the first company in the country to produce green fabric (13)
Business Case
Market Size and Environment
> USD 1 billion
Reduce dependency on the import of fabric by over 25% and improving value added capabilities within Sri Lanka
Apparel sector exports in 2021 was USD 4.9 billion. Of this, USD 1.5 billion went to EU and USD 660 million went to the UK(14). However, the GSP + scheme utilisation was only 60% and vertical integration of the country’s apparel industry is one of the quickest ways to move towards 100% utilisation of GSP + scheme
60% of the nation's apparel exports to the region benefit from the EU's GSP+ concessions, which is a 9.5% cost benefit (6). A 100% utilisation of GSP + by complying with the rules of origin criteria through domestic manufacturing of fabric, can lead to a bigger cost advantage to the country.
The sector targets USD 8 billion earnings by 2026, a 60% increase from current levels (6). Driving this target will require greater reliance on fabric manufacturing within Sri Lanka and less reliance on imported fabric which is over USD 2.5 billion annually
Indicative Return
Hayleys Fabric ROE- 42%; ROCE -11%. Tee Jay Lanka ROE - 11%; ROCE - 8.62% for 2021/22 (7) (13)
Gross Profit Margin; Hayleys Fabric PLC - 13.02% and Tee Jay Lanka PLC - 9.2% for 2021/22 (7) (13)
The apparel and textile sector in Sri Lanka, plays a vital role in the country’s economy, contributing 44% to total exports in 2021.
The BOI expects to substitute USD 500Mn worth of fabric imports annually by having fabric manufacturing plants
The 60% of the nation's apparel exports to the region benefit from the EU's GSP+ concessions, which is a 9.5% cost benefit (6)
Investment Timeframe
Short Term (0–5 years)
Government assessments provides a minimum tax holiday for 5 years. These government assessments of tax holidays were based on stakeholder discussions for making the project viable, and can be taken as a basis for investment timeframe.
Ticket Size
> USD 10 million
Market Risks & Scale Obstacles
Capital - CapEx Intensive
Capital - Requires Subsidy
Impact Case
Sustainable Development Need
The apparel sector spends USD 2.5Bn fabric imports per annum. Eg: a fabric manufacturing plant in Eravur can substitute USD 500Mn worth of fabric imports annually thereby spurring domestic growth through value chain strengthening, job opportunities for local communities and growth of SMEs.
The sector needs to build capacity to improve worker's skillset and competence to deal with new technologies, automated systems, 3D design and development.
The fashion industry globally accounts for about 8-10% of global carbon emissions, and nearly 20% of wastewater (20). Investments around sustainable production methods as part of business models, can address this.
Gender & Marginalisation
The sector employs 350,000 direct and 700,000 related industry employees, of which 80% are rural women. Investments in this area can help in empowering and providing them with the right skills and knowledge to cope with technology shifts and upgrades in the apparel sector.
Employing women have provided with better income and investment it into bettering the lives of their children, families and communities. The apparel industry has an industry charter consisting of Free of Child Labour,Free of Forced Labour and Free of Discrimination (19)
Females accounted for 49% of local undergraduate enrollments in STEM in 2017, in comparison to a global figure of 35%. However, this figure is skewed with only 24% enrolled in engineering, while those in technology and computer science also remain below 50% (23). Therefore, providing women with TVET and STEM training is vital for women to take up technical/automation roles
Expected Development Outcome
USD 2 billion of apparel went to the EU and USD 300 million went to the UK in 2021. However, tin 2019 the utilisation of GSP + was only 60%. Achieving 100% utilisation of GSP + scheme can lead to more exports to EU and UK thereby providing the country with the much needed foreign earnings (14)
Building in sustainability measures such as resource optimization and reduction of its carbon footprint by monitoring Green House Gas (GHG) emissions, energy and water consumption and waste management from its production processes, can help reduce environmental impact of the sector
Expects to substitute USD 500Mn worth of imports of fabric and reduce import bill of the country. Will boost resilience of the sector with less global disruptions arriving from less imports. Higher local value creation through locally sourced fabrics
Gender & Marginalisation
The clauses under BOI to provide tax holidays include a minimum investment of USD 10 million should provide employment to 150 persons to receive the tax benefit. This can provide job opportunities the rural sector in the eastern province especially for women who are an active part of the workforce.
Eravur zone will comprise 10 to15 factories and will create about 5,000 direct and large number of indirect jobs. The park is situated in the district where an estimated 60,912 individuals are below the poverty line making it one of the biggest employment generating projects in the region (12)
Proposed fabric manufacturing plant in Kurunegala aims to provide direct employment of over 800 people whilst uplifting over 2,000 indirectly in the North Western Province and surrounding areas. With the infusion of technologically advanced machinery, systems and LEAN design, the plant remains committed to sustainability measures (24)
Primary SDGs addressed
9.2.1 Manufacturing value added as a proportion of GDP and per capita
About USD 2.5Bn of fabric imports are spent per year as estimated by the BOI
Substituting about USD 500Mn worth of imports of fabric through local value addition annually
Secondary SDGs addressed
Directly impacted stakeholders
People
Planet
Corporates
Public sector
Gender inequality and/or marginalization
Indirectly impacted stakeholders
Gender inequality and/or marginalization
People
Planet
Corporates
Public sector
Outcome Risks
Until economies of scale are achieved, the locally produced fabric may turn out to be more expensive since the fabric imported from China is cheaper, owing to low costs of labour. This may impact investor interest in the near term.
The required quality of fabric needed for exports may not be achieved at an economically viable price unless economies of scale is achieved with significant production capacity
The EU GSP + scheme, which is an attractive incentive that lowers entry level barriers, is expiring in 2023. Unable to reinstate can lead to a loss of USD 600 million (7)
Gender inequality and/or marginalization risk: Females accounted for 49% of local undergraduate enrollments in STEM in 2017, in comparison to a global figure of 35%. However, this figure is skewed with only 24% enrolled in engineering, while those in technology and computer science also remain below 50% (23). Therefore, providing women with TVET and STEM training is vital for women to take up technical/automation roles
Impact Risks
The sector only utilises 60% of duty free access to EU through its EU GSP+ scheme. Without fabric manufacturing plants, the sector will be unable to comply with the rules of origin criteria in order to fully utilise GSP + scheme, and improve export earnings, improve local value addition and reduce import dependencies
Missed job opportunities for the rural sector, especially women and the ability to improve living standards if the investments in fabric production plants does not come in
The employees in the sector receive trainings including financial workshops. Lack of investments in fabric manufacturing can lead to less capacity building and empowerment especially for women
Gender inequality and/or marginalization risk: lost employment opportunities and trainings especially for women and eastern province (where Eravur fabric zone is located), which has 60,912 individuals below poverty line
Impact Classification
What
Fabric manufacturing plant to promote local value addition, value chain integration in compliance with the rule of origin criteria of GSP+ , leading to better utilisation of the scheme and improve exports.
Who
Rural workforce, especially women benefit from improved employment opportunities and corporates benefit from increased exports and reduced import dependency for raw materials.
Risk
The EU GSP + scheme that lowers entry level barriers until economies of scale is achieved, is expiring in 2023. Unable to reinstate can lead to a loss of USD 600 million (6)
Contribution
The BOI expects 5,000+ direct and 3,000 indirect employment opportunities in addition to the present 350,000 direct and 700,000 related industry employees, of which 80% are rural women.
How Much
The BOI expects to substitute USD 500Mn worth of imports of fabric annually and improve local value addition
Impact Thesis
Investments in this IOA will help build domestic capacities to integrated value added products and services in the apparel sector leading to enhanced employment opportunities, reduction in import dependence and sustainable industrial practices
Enabling Environment
Policy Environment
Under the Strategic Development Project Act No. 14 of 2008, the Textile Manufacturing Zone in Eravur, Batticaloa was declared as Strategic Development Project by the BOI that also awards concessions for investors.
EU GSP + provides benefits to countries implementing certain international standards in human and labour rights, and environmental protection. It also ensures duty free access to the EU market for 7200 products (10) given compliance to rules of origin criteria (refer below)
Rules of origin criteria under EU GSP+ requires the weaving of the fabric and conversion from fabric to clothing (also known as double transformation) and, meeting the stipulated value addition criteria such as 40% domestic value addition (11)
GSP requires implementation of conventions related to environmental and climate protection such as Stockholm Convention on persistent Organic Pollutants (2001), Kyoto Protocol to the United Nations Framework Convention on Climate Change (1998), The United Nations Framework Convention on Climate Change (1992) and Cartagena Protocol on Biosafety (2000) (28)
Financial Environment
A minimum investment of USD 10 million will provide a 5 year tax holiday with 50% of Applicable Corporate Income Tax for exporters for 2 years, provided that at least 150 employment opportunities are generated (21)
Exempted from all taxes and levies (Customs duty, PAL, CESS and VAT) for importation of construction related items during project implementation, importation of Capital items and importation of raw materials and production/process related consumables
Up to a maximum number of 10 expatriate employees of the enterprise shall be exempted from income tax arising from gains and profits from employment in the enterprise within the zone for a period of 05 years.
Regulatory Environment
Factories Ordinance No 45 of 1942; covers the registration and licensing of factories; health of factories such as overcrowding, ventilation; safe use of machinery, boilers, and vessels, and prohibits young workers and women workers from performing certain operations (17)
The Shop and Office Employees Act No. 15 of 1954; provides for the regulation of employment, hours of work and remuneration of persons in shops and offices, and for matters connected therewith (9)
Standards that the industry comply with; GOTS (Global Organic Textile Standard) covering the production, processing, manufacturing, packaging, labeling, export, import and distribution of all-natural fibers; Certification of Approval ISO 9001:2015 issued by SLSI
Customs Ordinance (1869) provides regulations for import, export, re-export, tariff specifications and guidelines for penalties thereof (this would not be applicable for investments under the Strategic Development Project Act No. 14 of 2008 such the Eravur Fabric zone)
Voluntary commitments: Industry charter to receive "Garments without Guilt" certification include requirements that factories must be: Free of Child Labour; Free of Forced Labour; Free of Discrimination; Free of Sweatshop Practices, Requiring that workers receive all legally required pay and benefits, Providing limits on working hours within those prescribed by the law, amongst others (25)
The G7 Fashion Pact’s signatories, which includes some of the brands Sri Lanka deals with, have committed to: implementing the principles of the U.N. Fashion Charter, achieving 25% low-impact materials sourcing by 2025, and achieving 50% renewable energy by 2025, and 100% by 2030 in their own operations (26). One company (MAS Holdings) have committed towards achieving Science-based Targets Initiative (SBTi)
Marketplace Participants
Private Sector
Ocean Lanka (Pvt) Ltd, Hayleys Fabric PLC, A.P.S Knitters (Pvt) Limited, Oacianic Knitters Pvt Ltd, Star Garment, Ocean Lanka, ATG Gloves Lanka, Fountain Set Holdings, Hirdaramani Group, Brandix Lanka Limited, Pacific Textiles of Hong Kon, Jay Jay Mills Lanka, Tee Jay Lanka PLC
Government
The BOI, Sri Lanka Custom, Ministry of Industry and Commerce, Department of Commerce, Export Development Board
Multilaterals
International Union for Conservation of Nature and Natural Resources (IUCN), World Bank
Non-Profit
Joint Apparel Association Forum (JAAF), Sri Lanka Apparel Exporters Association
Target Locations
Sri Lanka: Eastern Province
Sri Lanka: North Western Province
References
- (1) Female apparel workers demand dignity and recognition- Island (2021) -https://island.lk/female-apparel-workers-demand-dignity-and-recognition/
- (2) The Power Women Of The Apparel Industry Who Drive Sri Lanka’s Economy - JAAF (2019) -https://www.srilankaapparel.com/the-power-women-of-the-apparel-industry-who-drive-sri-lankas-economy/
- (3) Annual Export earrings CBSL - https://www.cbsl.gov.lk/en/statistics/statistical-tables/external-sector
- (4) Share of GDP DCS -http://www.statistics.gov.lk/NationalAccounts/StaticalInformation/2015/Reports/Annual_A49/Share_GDP_cu_2010-2021
- (5) A Roadmap Towards a Greener Apparel Sector - A Sustainable Financing Strategy for Sri Lanka - https://www.hsbc.lk/content/dam/hsbc/lk/documents/financial/roadmap-towards-a-greener-apparel-sector-brochure.pdf
- (6) Sri Lanka’s apparel industry on tenterhooks over EU trade scrutiny (2021) -http://bizenglish.adaderana.lk/sri-lankas-apparel-industry-on-tenterhooks-over-eu-trade-scrutiny/
- (7) Annual Report 2021 -2022 -Hayleys Fabric PLC - https://cdn.cse.lk/cmt/upload_report_file/403_1654161786464.pdf
- (8) Skills Gaps in Two Manufacturing Subsectors in Sri Lanka (2020): ADB - https://www.adb.org/sites/default/files/publication/543046/skills-gaps-two-manufacturing-subsectors-sri-lanka.pdf"
- (9) The Shop and Office Employees Act No. 15 of 1954 -https://www.lawnet.gov.lk/shop-and-office-employees-2/#:~:text=AN%20ACT%20TO%20PROVIDE%20FOR,CONNECTED%20THEREWITH%20OF%20INCIDENTAL%20THERETO.
- (10) EU GSP+ Department of Commerce -http://www.doc.gov.lk/index.php?option=com_content&view=article&id=81&Itemid=206&lang=en
- (11) A Guide for users on GSP rules of origin- https://taxation-customs.ec.europa.eu/guide-users-gsp-rules-origin_en
- (12) Eravur Fabric Park to draw over USD 300 mn FDI in next 2 years (2022) -https://www.dailynews.lk/2022/08/15/business/284967/eravur-fabric-park-draw-over-usd-300-mn-fdi-next-2-years
- (13) Tee Jay Lanka PLC Annual Report 2022 -https://cdn.cse.lk/cmt/upload_report_file/1080_1659005883255.pdf
- (14) Central Bank of Sri Lanka Annual Report(2021). Special Appendix -https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/publications/annual_report/2021/en/15_Appendix.pdf
- (15) Oceanlanka - https://www.oceanlanka.com/about-us/
- (16) Hayleys Fabric PLC - https://www.hayleys.com/textile-manufacturing/
- (17) Factories Ordinance No 45 of 1942 - https://www.ilo.org/dyn/natlex/docs/ELECTRONIC/47666/88132/F1807109239/LKA47666.pdf18) A. P. S. Knitters (Pvt) Ltd - https://www.apsknitters.com/profile/
- (19) Oacianic Knitters Pvt Ltd -https://www.oacianic.com/
- (20) Can Fashion Ever be Sustainable; BBC (2020) - https://www.bbc.com/future/article/20200310-sustainable-fashion-how-to-buy-clothes-good-for-the-climate
- (21) Textile Zone Development - BOI -https://investsrilanka.com/textile-zone-eravur-batticaloa/
- (22) Ocean Lanka - LMD (2022) -https://lmd.lk/ocean-lanka-2/#:~:text=Currently%2C%20OCL%20has%20the%20capacity,yarn%20dyeing%20and%20fabric%20collection.
- (23) Girls in STEM: How is Sri Lanka Faring?Institute of Policy Studies(IPS) (2020) -https://www.ips.lk/talkingeconomics/2020/02/11/girls-in-stem-how-is-sri-lanka-faring/
- (24)Browns Fabric supports dollar-earning apparel industry with $ 52 m new BOI venture, Daily Ft (2022)- https://www.ft.lk/front-page/Browns-Fabric-supports-dollar-earning-apparel-industry-with-52-m-new-BOI-venture/44-738963
- (25) Garments without Guilt: https://www.sgs.co.uk/en-gb/sustainability/social-sustainability/social-responsibility-sr/garments-without-guilt
- (26) The G7 Fashion Pact, Press Release: https://www.thefashionpact.org/download?id=383&pn=Press%20release
- (27) Sri Lanka Apparel Sector Investments at USD 75 in 2022: https://www.offshore-technology.com/uncategorized/sri-lanka-apparel-sector-investments-at-us76m-in-2022/
- (28) EU GSP Conventions related to the environment and to governance principles: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32012R0978#d1e32-60-1