The textile and clothing industry is one of the oldest, largest and most globalized industries in the world. With the rapid improvement of the apparel industry, most countries have adopted it as a key player in their economy. People have embraced the textile and clothing industry more willingly, as it is always in line with what people expect to wear. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay It is an ideal industry for developing countries that primarily engage in export-oriented manufacturing. The textile and garment industry performs many value-added functions such as extracting natural resources from nature, converting such things into raw materials, product development, product design, sewing, marketing, retail etc. In addition to these secondary functions like printing, embroidery, washing involve with the entire production procedure. So obviously the textile and garment industry provides numerous jobs to the people of the country. By providing fashion and textile products as basic human needs, the producers of these products provide the means to earn a living to an impressive portion of the world's population. This industry is by far the largest manufacturing employer worldwide (Dickerson, 1999). Sri Lanka's textile and clothing industry had a modest base in the 1960s producing mainly textiles and clothing for the local market under strong protection. In the 1970s, export-oriented apparel (ready-made garments) production began and expanded soon after the liberalization of the economy in 1977. When Sri Lanka liberalized its economy in 1977, the country's garment trade immediately took off mainly as share-hopping by East Asian garment exporters who were fascinated by the country's liberal trade regime. East Asians moved their already established garment business to Sri Lanka due to the low cost of labor which ensured low production costs. This has encouraged local trading partners to launch their own apparel ventures to exploit quota-secured markets assisted by the liberal trade regime and strengthened by incentives approved by the Board of Investment of Sri Lanka (BOI). Including tax exemptions and other tax and non-tax benefits. Please note: this is just an example. Get a custom paper from our expert writers now. Get a Custom Essay During the 1980s apparel exports were growing rapidly, and by 1986 they accounted for the largest share of all exports (27%). In 1992, the BOI offered an attractive incentive package to all garment manufacturers to relocate to rural areas of Sri Lanka. This program was part of the 200 garment factory program, which was considered the most important turning point of the garment industry. The BOI was able to set up 163 factories under the aforementioned program by 1995. By 1992, the garment industry had become the largest earner of foreign exchange in the country ($400 million) surpassing the of tea. In 2002, Sri Lanka's textile and clothing sector accounted for 6% of GDP, 30% of industrial production, 33% of manufacturing employment, 52% of total exports and 67% of industrial exports (BOI Sri Lanka - 2016). Sri Lanka is expected to reach the 5 billion mark.