Bicycle company leaves Sri Lanka after GSP+ loss

by admin
Jan 30, 2013
Bicycle production company Firefox has decided to shift its plant to Bangladesh, following Sri Lanka's loss of the GSP+ concession, according to reports.

Bike Europe reoprted that the closure of the Sri Lankan plant has been in the works for a year now, stating the loss of concessions for the island meant they were no longer able to retain 0% import duty for products into the European Union.

Firefox owner Pradeep Mehrotra was quoted as saying,
"The advantages Bangladesh had to offer made the move necessary".
See our earlier posts:

GSP+ withdrawal has hit Sri Lanka factories - Daily Mirror (26 January 2013)

GSP+ loss takes its toll on textile industry (22 November 2012)

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