Sri Lanka to host materials and machinery show
With the aim of promoting its leather and footwear industries in the international market and attracting foreign investment, Sri Lanka is set to hold its first-ever raw materials and machinery fair on November 24. More than 100 domestic companies and numerous foreign firms from countries such as India, Italy, France, Thailand and Hong Kong are set to take part in the event in Colombo, which has been organised by the local footwear associations and the Export Development Board.
Sri Lanka’s leather and footwear industries have been struggling in recent times and exports have fallen. The government has already implemented several measures such as increasing taxes on imported shoes and removing import duties and VAT on raw materials, components and machinery in an attempt to boost these sectors, however, those in the industry believe that increased foreign investment would open up many opportunities.
