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Wed, 03 September 2014 13:35:42
Sri Lanka apparel factories closed by Pakistani investors
25 Feb, 2013 07:18:48
Fab 25, 2013 (LBO) - Three apparel factories owned by Pakistani investors have been closed leaving 1,500 people jobless, a media report said.
Sri Lanka's The Sunday Times newspaper quoted employees as having been told by management that they have lost all their orders.

ZM Vertiko (Pvt) Ltd at Padukka, ZM Kasuals at Kottawa and ZM Vision at Kiriella, Had been closed, the report said.

The three factories had been set up between 2003 and 2006.

The groups owe a billion rupees to state and private banks, the report said.

A downturn in Europe had resulted in lower exports to Europe while Sri Lanka has also lost preferential trade access to the region over violating human rights of its citizens.

Recently Firefox, a bicycle maker was reported to have moved out of Sri Lanka to Bangladesh citing loss of GSP+ preferential trade access.

But Sri Lanka is also being probed by the EU for allegedly being used by Chinese bicycle markers to beat protectionist controls.

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READER COMMENT(S)
1. DillonDP Feb 25
Oh crap. Badu bala sing you should do something about this