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European gloom for fabric giant
Tuesday, 01 December 2009

Colombo ? One of Sri Lanka?s leading fabric manufacturers, which indirectly supplies knitwear to some of the UK high-street?s major retailers including Marks & Spencer, Next, BHS, Tesco and Adams, is at risk from a possible loss of duty free access to key European markets.

As a result, MGT Knitting, one of the country?s biggest fabric suppliers to major Sri Lankan apparel exporters - mainly cut, make and trim operations ? may find itself exposed to margin pressures on sales to the European Union in the event of the withdrawal of the Generalised System of Preferences Plus scheme.