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Sri Lanka to permit private vehicle imports from 1 February 2025

Sri Lanka to permit private vehicle imports from 1 February 2025

Daily FT: President Anura Kumara Dissanayake yesterday in Parliament announced that the Government will allow private vehicles to be imported from 1 February 2025.
Following the move, the Government also issued an Extraordinary Gazette No. 2415/35 yesterday, citing three categories that it allowed to be imported. These include motor vehicles for the transport of 10 or more persons, including the driver; motor cars and other motor vehicles principally designed for the transport of persons (other than those of heading 87.02), including station wagons and racing cars and special purpose motor vehicles, other than those principally designed for the transport of persons or goods (for example, breakdown lorries, crane lorries, fire fighting vehicles, concrete mixer lorries road sweeper lorries, spraying lorries, mobile workshops, and mobile radiological units).
Addressing the Parliament, President Dissanayake said that the imports will be carried out under a structured program, assuring that the decision will not lead to another foreign exchange crisis.
Stating that the vehicle industry cannot remain closed for a long period of time, the President said the vehicle imports will commence in three stages.
Dissanayake revealed that importing of buses used for passenger transport and vehicles used for special services were resumed from 14 December 2024.
The President further announced that the Government has also taken steps to recommence the importation of vehicles used for transportation of goods and private purposes, which will come into effect from 1 February 2025.

OSL take:
The lifting of the vehicle import ban next year will open a host of new business/investment opportunities in Sri Lanka. Sri Lanka imposed a ban on importing vehicles in 2021 that later expanded to include vehicle spare parts and since then there has been a growing demand for vehicles as well as spare parts for maintenance of existing vehicles. All these are indicative of the growing demand for vehicles and spare parts. With Sri Lanka focused on increasing the importation of e-vehicles as part of the policy to promote sustainable energy sources, there’s a demand for the importing of e-vehicles as well. Also, Sri Lanka in the past few years has witnessed several businesses that set up vehicle assembly plants indicating new business/investment opportunities. With Sri Lanka’s economy on a growth path, opportunities in the country’s automotive industry are also on an expansion path indicating the increasing business potential in the industry. Foreign businesses/investors could therefore confidently explore the expanding business/investment opportunities in Sri Lanka’s automotive industry while also looking at forming collaborations with local partners with the aim of further expanding operations.

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Article Code : VBS/AT/20241224/Z_2

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