Chinese vehicle import and export company looks at assembly plant with Sri Lanka’s Microsoft
China National Machinery Import and Export Corp. (CVC) is reportedly exploring the possibility of setting up an assembly plant in Sri Lanka in partnership with Micro Cars.
CVC Vice President Wu Yi had called on the Ambassador of Sri Lanka to China Dr. Palitha Kohona at the Sri Lanka Embassy in China recently to look at establishing a vehicle plant in Sri Lanka.
“They plan to produce and promote the MG, Chery, and Proton brands in Sri Lanka,” a statement from the Sri Lanka Embassy in China has stated.
CVC is a wholly-owned subsidiary of China National Machinery Import and Export Corp (CMC) and CVC is an enterprise specialising in the distribution of automobiles, auto parts and components and other similar products.
“The CVC has already established an effective relationship with Micro Cars of Sri Lanka. CVC Vice President Wu Yi said that the CVC was in the process of discussing an expanded joint venture with Micro Cars,” the statement has further stated.
Ambassador Kohona has reportedly noted that the Government of Sri Lanka welcomed investment in the automobile sector and has encouraged CVC to present a detailed proposal.
According to the embassy statement, the Ambassador has also explained the domestic market for vehicles and the wider market that is available given Sri Lanka’s location in a prosperous region of the world.
Vice President Wu was accompanied by CMC General Manager Yin Qing, CVC Deputy General Managers Gu Chaogang and Zhu Xiaomei, and CVC Commercial Manager Yan Wenshuo.
OSL take:
Sri Lanka’s manufacturing sector has recorded a steady growth despite facing challenges due to the Covid 19 pandemic. The many trade agreements as well as concessions enjoyed by the country and the continuously improving ease of doing business environment in the country have all helped boost Sri Lanka’s economy, especially the manufacturing sector. Sri Lanka’s economic expansion has also helped further boost the manufacturing sector opening up a host of business/investment opportunities.
| Article Code : | VBS/AT/04112021/Z_2 |