JOINT APPAREL ASSOCIATION FORUM SRI LANKA (JAAFSL)

💰 The Economy
📰 Sri Lanka Gross Domestic Product (GDP) surges by 4.7-percent in second quarter of 2024
Sri Lanka’s GDP grew 4.7 percent in the second quarter of 2024, facilitated by low inflation and
strong exchange rates.
Link: https://tinyurl.com/53xvh22d

📰 Government and private sector settle USD 2.58 billion in debt for the year 2023
The Finance Ministry has reported that the Government of Sri Lanka, along with private
borrowers, have serviced USD 2.58 billion in debt in 2023 and USD 2.48 billion in 2022, the year
the country defaulted on its external debt.
Link: https://tinyurl.com/4keebrpa

📰 Sri Lanka’s construction sector expands 15.5 percent in second quarter (Q2)
The construction sector indicated a strong growth of 15.5 percent in the Q2, accelerating from
the first quarter (Q1), as reflected by consistent monthly indices.
Link: https://tinyurl.com/y6pcaw2r

⚖ Politics & Policy
📰 Cabinet approves changes to Personal Income Tax
According to the President’s Media Division, the Cabinet has approved revisions to the Personal
Income Tax (PIT) structure, which will come into effect in April 2025.
Link: https://tinyurl.com/3w6ymzry

📰 Sri Lanka to resume public transport vehicle imports in October 2024
The Cabinet has decided to lift the ban on the importation of public transport vehicles
commencing from 01 October, and goods transport vehicles from 01 December.
Link: https://tinyurl.com/bdfvuuch

📰 Curfew unlikely to be imposed on Election Day
The Ministry of Public Security has announced that there are no current plans to implement a
curfew on election day. All security measures have been established, with the armed forces on
standby should their assistance be required.
Link: https://tinyurl.com/3u9dfab8

📰 Sri Lanka to Sign Memorandum of Understanding (MoU) with International Trade Center (ITC) for Women’s Trade Empowerment Hub
Following a Cabinet approval, the Sri Lanka Export Development Board (EDB) will sign a nonfinancial Memorandum of Understanding (MoU) with ITC to establish the ITC She Trades Hub in
Sri Lanka, aimed at enhancing the participation of women entrepreneurs in international trade.
Link: https://tinyurl.com/yc4yuxun

📰 Floating solar power projects to be developed on Mahaweli Authority reservoirs
The Cabinet has approved a plan to implement floating solar power projects on key reservoirs
under the jurisdiction of the Sri Lanka Mahaweli Authority. The floating solar power projects
are set to be developed on three major reservoirs: Randenigala, Moragahakanda, and
Kalawewa.
Link: https://tinyurl.com/35nn3nej

⁉ What you need to know
📰 Star Garments Group steps up its efforts in biodiversity restoration
As part of its sustainability strategy, Star Garments Group (‘Star’) has stepped up to restore
the biodiversity around its factory operations and offices, by committing to restore half of its
physical footprint.
Link: https://tinyurl.com/4fzjs9x5

📰 Brandix, Teejay and Fortude partner with InterBalance
Three leading Sri Lankan companies—Brandix Apparel Ltd., Teejay Lanka PLC, and Fortude
Ltd.—have partnered with InterBalance, a consultancy specialising in sustainability and
enterprise risk management, to implement an Environmental, Social, and Governance (ESG)
and sustainability management framework.
Link: https://tinyurl.com/4t82zy3r

📰 Apparel factories in Sri Lanka to expand workforce by 10 percent in 2024
Sri Lanka’s apparel industry is experiencing a rebound, with factories planning to expand their
workforce by 10-15 per cent this year. The sector is also bracing for a potential surge in orders
from Bangladesh, should conditions there deteriorate.
Link: https://tinyurl.com/pfcu5fz3

📰Protests and factory closures mark apparel industry crisis in Bangladesh
Bangladesh’s dissatisfied apparel industry employees have increasingly turned to protests,
culminating on Wednesday (11 September), with a chemical warehouse set on fire in Kashimpur
(Gazipur district).
Link: https://tinyurl.com/bdfpdtyj

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