WAA announces SKD vehicle assembly plant in Sri Lanka
The Morning: Western Automobile Assembly Private Limited (WAA) recently opened its state-of-the-art semi-knocked down (SKD) assembly plant in Kuliyapitiya.
This facility is an advantage to local vehicle assembly, driving economic development in Sri Lanka. The WAA SKD assembly plant is a company operating under the Board of Investment (BOI).
The plant has been designed by global automotive experts and outfitted with premium international machinery.
The company has already hired over 100 direct employees including automobile engineering graduates and diploma holders of automobile technology to work within the plant. In addition, WAA is deeply committed to training and development. WAA has set up an onsite training institute of international standards to provide vocational training aligned with global industry requirements.
The opening of this plant is a key part of WAA’s long-term strategy to expand its presence in Sri Lanka and reinforce its position as a leading automotive assembler and manufacturer.
OSL take:
Sri Lanka’s ongoing economic expansion has shown the potential for further growth in-line with the country’s target of becoming a hub in the South Asian region. This has resulted in the expansion in the manufacturing industry showing a steady growth with foreign businesses/investors also showing interest in exploring the expanding opportunities in Sri Lanka’s manufacturing industry. The growth of the country as an emerging business destination along with its geographical positioning in the Indian Ocean and strong trade ties enjoyed by Sri Lanka with other countries have added to Sri Lanka’s attraction as a business destination and the steadily growing business potential. The Sri Lankan government has also formed incentive schemes for foreign businesses/investors exploring opportunities in Sri Lanka that could further expand opportunities in the country while creating the space for the formation of partnerships or joint ventures between foreign and local businesses in the manufacturing industry to further expand operations. Also, foreign businesses interested in doing business in the region could look at setting up bases in Sri Lanka to engage with these countries using Sri Lanka’s strong ties with countries in the region.