Toyota Lanka looks at setting up Toyota vehicle assembly plant in Sri Lanka
Toyota Lanka looks at setting up Toyota vehicle assembly plant in Sri Lanka

Toyota Lanka looks at setting up Toyota vehicle assembly plant in Sri Lanka

The Toyota Lanka Company is reportedly keen on setting up a Toyota vehicle assembly plant in Sri Lanka if the government keeps the car import restrictions for a period of 10 years.

“This was indicated by top officials of the Toyota Lanka Company,” Sri Lanka’s Minister of Industries Wimal Weerawansa has told Ambassador of Japan to Sri Lanka Akira Sugiyama when the duo had met in Colombo at the Ministry of Industries recently.

The Daily News has stated that the Minister has stated that the Ambassador had promised to take this proposal up with the top officials of the Toyota Company in Japan and positive feedback was expected.

Toyota’s corporate structure consisted of 364,445 employees worldwide and as of December 2019 was the tenth-largest company in the world by revenue. Toyota was the world’s first automobile manufacturer to produce more than 10 million vehicles per year, which it has done since 2012.

Toyota has factories in most parts of the world, manufacturing or assembling vehicles for local markets.

The Minister and the Ambassador of Japan have also discussed ways to woo Japanese investors especially in the Agriculture sector to explore the possibility of forming joint ventures for agro value addition projects with Sri Lankan counterparts, according to the local media report.

The Minister has said that the government will provide all necessary support for Japanese entrepreneurs to invest in Sri Lanka and several officials from the Japanese Embassy and Minister had also attended the meeting.

OSL take:

Sri Lanka’s industrial sector offers business/investment opportunities. The government of Sri Lanka offers many incentives to foreign businesses/investors looking at opportunities in the industries sector. Sri Lanka’s economic revival in the midst of the global Covid 19 pandemic is currently led by exports and industrial sectors. Sri Lanka’s geographical positioning in the Indian Ocean, ease of doing business environment and the many trade agreements as well as trade concessions enjoyed by the country have made it a business hub in the South Asian region, which makes it the ideal destination for the setting up of industries. 

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Article Code : VBS/AT/19102020/Z_4

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