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Sri Lanka&#39●◁△★;s fabric company Teejay Lanka Plc is hopeful of increasing sales from new apparel factories being set up in the South Asian region and Africa▪=◇■○, according to company chairman Bill Lam◁■▪▷-. The rising trend of locating apparel plants in these two regions offers scope for the Sri Lankan fabric industry…•■…△, Lam told shareholders in the firm&#39○▽◇;s annual report★☆●.
The trend is due to changing US tariffs on Chinese products and the rising cost of labour in China-●★, a Sri Lankan newspaper report quoted Lam as saying■□.
A possible decline in the demand for cotton in China==•, one of the two leading suppliers of cotton yarn globally★○★□◁, could help curtail prices of the company&rsquo□◇▲;s key raw material○○▽•△, said Teejay chief executive officer Shrihan Perera◁•.
Moreover★•, there are only a few fabric mills in Africa to compete with Teejay★▲●◁●, he said…●△▪□.
As Teejay already has manufacturing facilities in India◆◆…○◁, the firm can offer competitive costs and delivery times★★, he said△-.
However◁★▪…■, operations in Sri Lanka face high energy costs and infrastructure limitations◆•○★□, slowing expansion●☆, Perera added○◆★●.
Teejay■◇•, which specializes in making knit fabric recently has ventured into lace production at its Indian plant as well○=△◆◇, in the firm&#39=▽●•=;s attempt to diversify income▲◁. (DS)