The Apparel Exporters Association 200 GP held its 10th Annual General Meeting recently .

Speaking on the occasion Guest of Honour Dhammika Perera and the Chairman of the BOI said. In responses to a request from Channa Palansuriya who spoke earlier about the necessity of devaluing the Rupee, he said that the state cannot focus on assisting a single sector alone.

However the government has introduced a 5 per cent rebate package to assist the apparel sector.

If the government devalues the rupee, both imports and debt servicing are bound to soar. The 100 apparel sector workers who were retrenched recently were absorbed into other sectors due to the training they possessed.

Last year it was not contemplated that the world economic scenario would under go drastic changes. The problems came in within a period of one month. However I am optimistic about next year. Industrial giants viz. General Motors and Ford are in debt. In comparison, the current state debt is around USD 15 billion. What is happening in other countries is not relevant to Sri Lanka.

The apparel industry employs 300,000 workers without any burden to the government.

Azeem Ismail was elected as the New Chairman of the Association. The out going Chairman was Channa Palansuriya.

Sarath Amunugama Deputy Minister of Finance said.

The Apparel industry is a major contributor to the economy by way of FOREX earnings. Presently the economic structure has changed.

Sri Lankan employees of foreign garment sectors remitted Rs. 2.4 billion. In the backdrop pf the global economic down turn, government has to face risks.