The world's largest garment exhibition, the Magic
Trade show in the United States will be held from
August 25 to 28 in Las Vegas and many Sri Lankan
companies are expected to take part.
According to Magic's local representative and
Chairman, Summit Corporation (Pvt.) Ltd. Hiran
Jayasinghe, during the last exhibition in February,
garment trade deals to the value of over US
$ 60 billion were initiated. "These deals
were not only confined to paper but in many
instances the buyers paid cash advances at this
exhibition." He said that a record number
of 115,000 buyers from over 100 countries attended
this event. Jayasinghe said that Bangladesh
participated in this event for the first time
and they managed to secure deals to the value
of US $ one million.
He said that in addition India had 16 stalls,
Nepal and Pakistan four each and China 148 stalls.
"All these buyers found major partners
and the success had prompted these countries
to attend the next exhibition in August in a
more aggressive manner." He said that China
has already reserved 300 booths for the next
August exhibition.
He said that the organisers have decided to
amalgamate the world's largest Fabric Show for
the August Magic exhibition. This will bring
more exhibitors and buyers to the show.
Jayasinghe said that he was disappointed over
the manner in which the Sri Lankan Garment Industry
reacted to the February Trade Show. "We
did not have a single Sri Lankan stall,"
he said. Sri Lanka Magic representative, Jayasinghe
said that this show was also promoted by the
US Embassy but to no avail.
He said that the Consul General for Sri Lanka,
Pradeep Gunawardane, too visited the last Magic
show in Las Vegas and was disappointed that
there were no Sri Lankan participants. "The
Consul said that he would negotiate with the
authorities in Sri Lanka to bring local participants
for the event next August."
Jayasinghe said that in addition, the Magic
organisers have written to President Chandrika
Bandaranaike Kumaratunga and Prime Minister
Ranil Wickremesinghe underlining the importance
of this event. "I too hope to have some
promotions to woo Sri Lankan companies to attend
this event", he said.
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"Sri
Lanka should not miss the opportunity to take
part in this market place of over 100,000 buyers
from 110 countries, 7,000 exhibitors and 33,000
departmental stores representing stalls."
Magic, described as an international
'one stop shopping arena', will be a big boost
for our country as 85% of the apparel buyers from
US and Europe decide on their apparel purchases
for the next five months at Magic. Over 25% of
the of CEOs, Presidents and Vice Presidents of
these companies attend 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 said.
An old boy of S. Thomas' College,
Jayasinghe started his own IT company in Beverly
Hills, California in the early 1990s. He was the
Founder, President and the only Sri Lankan at
the Junior Chamber of Commerce in Beverly Hills.
Today he is the Chairman of this prestigious organisation.
He was also an advisor for Michael Jackson Productions,
Penthouse Publications and Aerospace and Entertainment
Companies in USA. In 1999, he set up his branch
office under the name Summit Corporation (Pvt.)
Ltd., in Sri Lanka.
USA is Sri Lanka's largest export
market and absorbed US$ 1.9 billion worth of exports
that accounted for 41% Sri Lanka's total exports
in 2002
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