Despite the slowdown in the global apparel sector, Sri Lanka’s top textile maker, Hayleys Fabric, said it was looking to focus more on adding value by moving to the high end of textile manufacturing.
The company said it remains on high alert to respond to potential threats while continuing its growth strategy focused on the synthetic fabrics portfolio.
“Sri Lanka’s economic crises and resulting political instability have clouded the country’s prospects.
Sri Lankans have remained resilient throughout history with the ability to navigate past the rapids into calmer waters and will band together to put the country on the path to recovery,” said AM Pandithage, President of Hayleys Fabric Group, in the company’s latest annual report.
The chef shared that with increased production capacity and full order books, the year ahead looks positive. “Our employees have been cooperative and supportive, understanding that we need to work together to weather the current storm. The same discipline and multi-stakeholder approach that has underpinned the phenomenal growth this year will be key to overcoming the crisis,” he added.
While the current local economic scenario looks bleak, Hayleys Fabric Group Managing Director and CEO ERP Goonetilleke said there was hope and potential to weather the turmoil.
“When you look at the geopolitics, where there is a distribution of sourcing destinations, which was predominantly Chinese, the outlook for Sri Lanka is good,” Goonetilleke said in his post in the 2021/2022 annual report.