JOINT APPAREL ASSOCIATION FORUM SRI LANKA (JAAFSL)
The Economy
The Sri Lanka Rupee strengthens as USD selling rate dips below LKR 300
The selling rate of the US dollar has dropped below LKR 300 for the first time since June 8, 2023. According to data released by the Central Bank of Sri Lanka (CBSL), the official selling rate for 02 October was at LKR 299.35, a decrease from the LKR 301.05 recorded the day before.
Link: https://tinyurl.com/345w222z
Exports in the textiles and apparel sector achieve the highest earnings since August 2022
Earnings from merchandise exports recorded an increase of 9.5 percent YoY to USD 1,224 million in August 2024, recording the highest monthly earnings in 2024. The increase in exports of industrial goods in August 2024 YoY was primarily driven by textiles and apparels.
Link: https://tinyurl.com/mwz733vy
Politics & Policy
Government reinstates the Electronic Travel Authorisation (ETA) system
The Government has officially reinstated the ETA system, permitting all tourists, including those in the business sectors, to apply for visas under the previous framework. Minister of Public Security Vijitha Herath announced that a forensic audit has been initiated to investigate irregularities involving VFS Global, with any discrepancies found to be addressed through legal action in due course.
Link: https://tinyurl.com/3mmav3vd
Cabinet endorses the allocation of LKR 11 billion for the upcoming Parliamentary election
The Cabinet of Ministers has approved the release of LKR 11 billion for the General Election, scheduled for 14 November.
Link: https://tinyurl.com/472k7r24
Gazette Extraordinary published detailing responsibilities under new ministries
The President’s Media Division announced the publication of the Gazette Extraordinary, outlining the division of institutions and responsibilities under the newly formed ministries.
Link: https://tinyurl.com/bdfe9k3p
Sri Lanka – Thailand Free Trade Agreement to commence from 01 January, 2025
Thailand’s Ambassador to Sri Lanka, Paitoon Mahapannaporn, announced that the highly anticipated Sri Lanka-Thailand Free Trade Agreement will be implemented by both governments from 01 January, 2025 onwards. The announcement was made during the Thailand-Sri Lanka Cultural Association’s AGM held in Colombo, last week.
Link: https://tinyurl.com/mr3ycxxs
Japan reiterates commitment to initiate 11 halted projects in Sri Lanka
The Japanese Government has pledged to resume the construction of 11 stalled projects in Sri Lanka, and has promised full support for the new administration’s development programme.
Link: https://tinyurl.com/budjw4f3
The International Monetary Fund (IMF) and Sri Lanka review economic reforms and future outlook
An IMF delegation visited Sri Lanka on 02 October for discussions with the country’s economic team, focusing on recent fiscal developments and the ongoing reforms under Sri Lanka’s IMF-supported economic programme.
Link: https://tinyurl.com/4xnfcybe
Election Commission (EC) halts President’s subsidy plan for farmers and fishermen
The EC has temporarily suspended the Government’s LKR 25,000 subsidy for paddy farmers and fuel subsidy for the fishing community, citing concerns on potential impacts on the other candidates, ahead of the upcoming General Election.
Link: https://tinyurl.com/ende5uxw
What you need to know
CBSL statistics record 17.4 percent increase in apparel exports for August 2024
Sri Lanka’s apparel and textile exports surged by 17.4 percent YoY in August 2024, reaching USD 512.1 million, according to data released by CBSL on 30 September.
Link: https://tinyurl.com/2p9bb5ks
Hirdaramani’s net zero science-based target approved by the Science Based Targets initiative (SBTi)
Hirdaramani Apparel recently announced that its net-zero science-based targets have received official approval from SBTi, marking a significant achievement as the first organisation in Sri Lanka to attain such a milestone.
Link: https://tinyurl.com/yc3r2ezd
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