Sri Lankan authorities in discussion to set up vehicle assembly plant
Sri Lanka’s State Minister of Money, Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal has reportedly stated that negotiations are underway with several investors to start vehicle assembly plants in Sri Lanka.
The State Minister has told parliament recently that the government of Sri Lanka was keen to promote the country as a hub for vehicle value addition.
He has further noted that several projects were in the pipeline and that they would be made public after matters were finalised.
Cabraal has made this statement in response to a question posed by a governing party legislator Mohamed Muzammil.
“There is potential for vehicle value addition such as producing seats and tyres. There are investors who are interested in starting up projects in Sri Lanka on those lines of business,” Cabraal has been quoted as saying in the local media.
Cabraal has added that concessions would be given for the motor vehicle sector when the Sri Lankan government removes the restrictions imposed on vehicle imports but did not say when these restrictions would end.
Sri Lanka’s manufacturing sector is on a positive growth path along with the backing from the country’s exports market. The many trade agreements as well as the trade concessions enjoyed by the country will also help boost Sri Lanka’s manufacturing and exports sectors. Also, the import restrictions imposed by the government of Sri Lanka on certain commodities and vehicles have increased Sri Lanka’s manufacturing sector. Therefore, the country’s manufacturing and exports sectors have opened up many business opportunities for foreign businesses/investors.
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