The temporary import restrictions imposed by the Government is likely to have a considerable impact on Sri Lanka’s consumer durables market over the short-to-medium term, an industry official said. “The extent of the economic fallout of the pandemic is yet to be accurately ascertained, although the short-to-medium term impact on Sri Lanka’s economy and businesses is expected severe. A key risk we foresee over the short-to-medium term is the temporary import restrictions imposed by the Government, which is likely to have a considerable impact on the consumer durables market,” Singer Group CEO Mahesh Wijewardene told shareholders in the annual report 2019/20. However, Wijewardene assured that the group can mitigate this impact to a certain extent given its local manufacturing footprint. “We are somewhat insulated from these restrictions and are in a strong position to capture market share, “he said. Further, Wijewardene also expressed the following: “Despite anticipated short-term pressures, we are excited by the medium-to-long term growth prospects presented by Sri Lanka’s economic trajectory. We are passionate about fulfilling the rapidly evolving needs of our customers and are excited by the opportunities presented by increasing customer sophistication.” “We are currently exploring a Retail rebranding strategy through which we hope to refresh our brand and entice new retail consumers including the younger demographic, in which we see immense potential for growth.” “We have clearly outlined our medium to long-term plans and are confident that the effective implementation of these plans would enable us to further fortify our market position.Penetration of consumer durables remains relatively low in Sri Lanka, presenting significant upside potential and given our brand reputation, product portfolio and unmatched geographical footprint we are well placed to capitalise on these opportunities.” “We are also keen to widen our local manufacturing footprint through diversifying into related products, thereby creating employment opportunities and generating value across our supply chains.” “That said, policy consistency is an important prerequisite in ensuring the commercial sustainability of such a venture, and we urge the Government to adopt a robust policy framework thereby creating conducive environment for such investments,” he added.
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