JOINT APPAREL ASSOCIATION FORUM SRI LANKA (JAAFSL)

💰 The Economy
📰 Sri Lanka’s Balance of Payments (BOP) surplus records USD 2,185 million amid ongoing deflationary policies
The Central Bank of Sri Lanka (CBSL) has recorded a balance of payments surplus of USD 2,184 million for the period up to August 2024, slightly exceeding the surplus from the previous year, according to official data.
Link: https://tinyurl.com/5ankdx9z

📰 International Monetary Fund (IMF) Chief commends Sri Lanka’s commitment to reforms
Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), commended Sri Lanka’s commitment to reform efforts during a meeting with Sri Lanka’s visiting delegation.
Link: https://tinyurl.com/b7jjnsmj

⚖ Politics & Policy
📰 Sri Lanka-Indonesia Business Council leads Business Promotion Mission to Indonesia
The Sri Lanka-Indonesia Business Council (SLIBC) of the Ceylon Chamber of Commerce successfully conducted a Business Promotion Mission to Indonesia from 6 -11 October to strengthen trade, investment, and business ties between Sri Lanka and Indonesia.
Link: https://tinyurl.com/3x5z5u6p

📰 British High Commission initiates trade mission for Sri Lankan female entrepreneurs
The British High Commission in Colombo, in partnership with the International Trade Centre (ITC) and the Export Development Board (EDB), has organised a five-day trade mission to promote Sri Lankan women-led businesses in the UK market. The initiative aims to empower female entrepreneurs in the textiles, apparel, and processed agri-food sectors.
Link: https://tinyurl.com/yc72s2xj

📰 Asian Development Bank (ADB) set to fund hydropower plant project in Moragolla
The Cabinet has approved a proposal submitted by President Anura Dissanayake to burrow USD 30 million from ADB’s Ordinary Capital Resources facility to complete the Moragolla hydropower project and related post-construction work.
Link: https://tinyurl.com/24w7tj92

📰 Mangala Wijesinghe assumes duties as the 16th Chairman of EDB
Mangala Wijesinghe formally assumed duties as the 16th Chairman of the EDB, committing to steer the nation’s export sector toward a new phase of growth and diversification.
Link: https://tinyurl.com/4khzdadp

⁉ What you need to know
📰 Apparel industry at the core of Sri Lanka’s export economy
The Institute of Policy Studies (IPS) reported that in 2023, Sri Lanka’s goods and services exports accounted for approximately 20.4 percent of its Gross Domestic Product (GDP), with manufacturing exports contributing 14 percent. IPS noted that the country’s export economy remains heavily concentrated in industrial goods, particularly within the apparel sector.
Link: https://tinyurl.com/2937za9u

📰 GSCS International and JAAF lead the way in sustainable development
GSCS International—Sri Lanka successfully hosted the SustainSphere 2.0 program, promoting advancement in sustainable industry innovation. During the event, Joint Apparel Association Forum (JAAF) General Secretary Yohan Lawrence highlighted the apparel sector’s commitment to sustainable practices, and the rising global demand for eco-friendly and ethically sourced products.
Link: https://tinyurl.com/3pz9wjeu

📰 Hela and Reebok’s partnership to capitalise on apparel industry’s verticality
Hela Apparel Holdings PLC announced an exclusive long-term partnership with Authentic Brands Group to design, manufacture, and sell Reebok-branded outerwear across the UK and Europe.
Link: https://tinyurl.com/2v2zsz24

📰 Sri Lanka becomes a founding member of BRICS International Fashion Federation
Fashion leaders from over 50 countries, including Sri Lanka, announced the establishment of the BRICS International Fashion Federation at the BRICS+ Fashion Summit held in Moscow.
Link: https://tinyurl.com/4tdv46nz

📰 Sri Lanka Design Festival 2024 set to host three leadership forums
Sri Lanka Design Festival 2024 will be hosting three leadership forums, each focusing on the impact of design thinking and innovation on apparel, travel and craft to support. The forum titled ‘South Asian Apparel Leadership Forum: Knowledge and Innovation Hub – Gateway to South Asia’ will be held on 09 November at Cinnamon Life City of Dreams.
Link: https://tinyurl.com/bdf94e3m

Disclaimer – This Advisory is intended for circulation among JAAF stakeholders only. Please do not circulate or share on social media. This Advisory, written for our partners interested in developments in Sri Lanka against the backdrop of the current crisis, is an update on the one

issued last week. This document summarises results covering significant political and economic events. The Advisory includes economic, political, social and governance perspectives. It draws on news reports, analyses, Government announcements and documents, and other sources that we may be in contact with or have access to.This Advisory was prepared by the Strategic Communications Unit of Adfactors PR Lanka.

For inquiries, contact sarah.muiz@adfactorspr.com