CEAT team meets EDB Chairman to discuss trade expansion opportunities in Sri Lanka
Daily FT: A delegation from CEAT, an RPG India company, led by Managing Director and CEO Arnab Banerjee, met with Sri Lanka Export Development Board (EDB) Chairman and CEO Mangala Wijesinghe recently at the EDB Head Office in Colombo.
During the meeting, Banerjee provided an overview of RPG’s operations across various sectors, including agriculture, engineering, and rubber. The delegation expressed interest in expanding CEAT’s presence in Sri Lanka by diversifying its product portfolio in the rubber sector. Highlighting the company’s recent acquisition, Banerjee elaborated on the CAMSO brand, which is produced in Sri Lanka under RPG’s ownership.
Congratulating the team on their expansion initiatives, Mangala Wijesinghe underscored additional investment opportunities in Sri Lanka, particularly in sectors such as pharmaceuticals, ICT, agriculture, and logistics.
The meeting was attended by senior officials from CEAT, including Chief Financial Officer Vipul Vaid, CEAT Specialty Chief Executive Amit Tolani and CEAT Sri Lanka Managing Director and CEO Ravi Dadlani. Representatives from the EDB, including Board Member Thusara Hettithanthrige, were also present.
OSL take:
Sri Lanka’s overall economic expansion had resulted in the steady expansion of business/investment opportunities in several key economic sectors including the manufacturing industry. Statistics have revealed that the manufacturing industry has witnessed a steady growth in the past few years, including during the period of the economic crisis faced by Sri Lanka in 2022. The promotional campaigns carried out by local exports authorities in new and old foreign markets as well as the many trade agreements as well as trade concessions enjoyed by Sri Lanka with many foreign countries have all helped boost Sri Lanka’s manufacturing industry. The growth and profits recorded by local businesses already engaged in the industry indicate the lucrative nature of doing business in Sri Lanka’s manufacturing industry. It is in such a backdrop that many foreign businesses, including international brands like CEAT are exploring more opportunities in Sri Lanka. Given the growing business potential in Sri Lanka, especially in the manufacturing industry, foreign businesses/investors could confidently explore the expanding business/investment opportunities in the local industry while also looking at forming local collaborations for further expansion.
Article Code : | VBS/AT/20250107/Z_2 |