June 27, 2011 (LBO) – Sri Lanka has begun luring back foreign apparel buyers who shifted to other Asian producers following the global economic crisis after they failed to meet buyer expectations, an exporter has said. It has five garment manufacturing plants with almost 1,500 direct sewing machines, two embroidery units with 105 embroidery sewing heads, and nearly 3,500 workers.
Orient Garments, which is to list on Colombo Stock Exchange’s second board, also said it aims to capture orders now supplied by Eastern Europe by offering shorter lead times.
“It has been evident that some of the world’s leading apparel buyers have shifted their sourcing towards low cost countries such as Bangladesh, Vietnam and Cambodia from Sri Lanka in the light of the global economic turmoil,” the company said in its prospectus.
“However, due to the reason that particular low cost destinations have failed to accomplish service levels with required standards such buyers are gradually returning to Sri Lanka.”
According to the prospectus of the firm, which a unit of Sri Lanka’s Finco group, Sri Lanka can also benefit from rising costs in China.
“Challenged with currency appreciation, subsidy withdrawals and escalating l