German Automobile giant – BMW positive about expansion plans in Sri Lanka
Prestige Automobile (Pvt) Ltd, BMW’s agent, based in Germany, says the company sees opportunities for growth in Sri Lanka. Expressing his appreciation of the long-standing partnership with Prestige Automobiles (Pvt) Ltd, Christopher Wehner, Managing Director of BMW Group Asia, said, “Sri Lanka is a fast-growing market with tremendous potential”, after a recent visit to the island.
“We are, therefore, pleased to continue our productive relationship with Prestige Automobile to enhance the presence of the brand in the country further.” Prestige automobiles, which has owned the company for 24 years, said it had set up a service and repair centre using BMW-certified equipment and technology. According to Prestige Automobiles, BMW Group Asia plans to release many unique edition cars to the local market to market the company for 25 years.
The auto market in Sri Lanka was hit by trade restrictions that the Central Bank slapped after printing money and crashing a variable pegged exchange rate. Some of the limits had relaxed since then. Calls have been made to revamp the functional soft-peg ‘flexible exchange rate’ system of the Central Bank with either a strategy consistent with a firm peg or an exact floating rate aimed at currency volatility.
OSL Take:
The statement by Germany’s BMW of the brand growth opportunities in Sri Lanka is indicative of the growing business ties between Sri Lankan and Indian businesses as well as the increased confidence levels on the strength and growth potential of Sri Lankan businesses. Foreign automobile companies could explore business opportunities in Sri Lanka’s automobile industry and even look at forming partnerships/joint ventures with local companies to set up vehicle assembly plants in the island.
| Article Code : | VBS/AT/20191108/Z_T2 |