Sri Lanka is poised to participate in MAGIC International,
the world's largest and most comprehensive apparel
trade event in Las Vegas, Nevada, USA early next
year.
"It's a tremendous opportunity to Sri
Lanka to be able to take part in this market
place of over 85,000 buyers from 110 countries,
7,000 exhibitors and 33,000 departmental stores
representing stalls", says Hiran Jayasinghe,
MAGIC's local representative and Chairman, SUMMIT
Corporation (Pvt.) Ltd.
For the first time ever, the Export Development
Board (EDB) of Sri Lanka participated in MAGIC
in 1999.
"We are targeting the participation of
about 15 Sri Lankan companies and the response
so far has been very encouraging", Jayasinghe
said.
MAGIC, described as an international 'one stop
shopping arena', will be held from February
18-21, 2003. A bi-annual global marketplace,
the next event for 2003 will be from August
25-28.
Transactions to the value of US$ 20,000,000,000
were pushed through during the last MAGIC marketplace
in August this year. At the next event there
will be a separate sourcing area for Sri Lanka,
he said.
"This will be a big boost for our country
as 85% of apparel buyers from the entire US and
Europe decide on their apparel purchases for the
next 6 months at MAGIC. Over 25% the CEO, Presidents
and Vice Presidents of these companies will be
personally present during this grand event",
Jayasinghe said. |
With
garment quotas due to end by the year 2004, Sri
Lankan apparel companies will be at a huge advantage
to establish direct contact with buyers as at
MAGIC 93% of the buyers look for new sources,
he added.
"They will then buy direct from us rather
than Sri Lanka sub contracting for countries like
China and Hong Kong", he added.
Jayasinghe who has lived in the
US has wide experience in handling events at MAGIC.
He said the entire sourcing area
would be located at the entrance to the trade
stall, which covers 1.2 million square feet. All
the buyers will have to pass through this sourcing
area and Sri Lanka will be based at the center,
which will be a main attraction.
Even small buyers will be able
to meet the manufacturers directly, he added.
Asked how much it would cost
a Sri Lankan company to participate, the local
representative said it would be an all-inclusive
Rs.700, 000. More details could be obtained from
the MAGIC web site MAGICtradeshow.us or e-mail
Hiran@MAGICtradeshow.us
He said that China has already
confirmed 130 stalls. In 1999, India had 40 stalls
and at the last marketplace Bangladesh 14.
MAGIC was first held in 1917
in Los Angeles. The venue was shifted to Las
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