Fortune 500 car maker enters SL

26 October 2012 03:15 am - 3 - {{hitsCtrl.values.hits}}

A A A

Geely, the Fortune 500 Chinese automotive multinational that now owns 100% of Sweden’s Volvo and part produces the famed London’s black taxi cabs, is entering Sri Lanka.

“We warmly welcome Geely to Sri Lanka. Geely’s entry in collaboration with our ‘Sri Lankan pride’ Micro Cars will significantly enhance our automotive industry’s profile but more importantly, shows that Sri Lanka has won the confidence of the giant global automotive manufacturing industry,” said Industry and Commerce Minister Rishad Bathiudeen in the aftermath of the courtesy call made on him by the special investment team of Shanghai’s Geely International Corporation led by Martin Xiang, Director of Geely yesterday.

Along with Geely reps, Dr. Lawrence Perera (Chairman – Micro Cars Ltd) also took part in the discussions while top officials of Minister Bathiudeen including Anura Siriwardene (Secretary, Ministry of Industry and Commerce) and several Directors of the Department of Commerce were present.

The $ 23.3 Bn (revenues, 2011), Geely entered the Fortune Global 500 list at 475 last July, and is considered as one of China’s fastest growing car makers, holding part ownership of famed black taxis of London and owning 100% of Sweden’s Volvo. Geely also owns the Australian automatic transmission supplier Drivetrain Systems International.

“We are the third largest Chinese car brand in China and seventh ranking in overall Chinese automotive market. Apart from China, we also have production bases in Russia, Ukraine and Egypt,” revealed Martin Xiang, Director of Geely to Minister Bathiudeen, and added: “We have realized that Sri Lanka has become a key market but more importantly, a manufacturing hub in the South Asia for car makers, especially due to its strategic placement. We are now working towards a Joint Venture initiative with Sri Lanka’s Micro Cars Ltd. We want to use Sri Lanka as our production hub and to export to South Asia and the Far East from here. We want to assemble here first and later we want to start total manufacturing processes. Initially we are considering an assembly line with $ 20 Mn in shared investment with Micro Cars and 500 new employment in automotive manufacturing. Our new plant is being planned in Hambantota. We are trying to start work on making the factory from mid-2013 and complete Phase I by end of 2014 so that we can roll-out the first car in January 2015,” Xiang apprised Minister Bathiudeen.

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 3

Hassan Friday, 26 October 2012 07:10 AM

Verey good news for Sri-Lankans.

Nishantha Tuesday, 30 October 2012 12:00 AM

It should happen far early than now, but still it good move that has taken by authorities. via DM Android App

ram Sunday, 04 November 2012 02:08 PM

This should have happened a decade earlier, we could have save the rupee and sl economy from the current crisis.

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Fortune 500 car maker enters SL

Comments - 3

Add comment

RECOMMENDED

‘Spike in blast fishing’ poses renewed threats to Sri Lanka’s marine ecosystems

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Most Viewed in News

Sri Lankan among NASA’s new crew for next simulated Mars journey

Street food vendor arrested for verbally harassing foreigner

SL on alert on possible genocide allegations by Canada

Racing event tragedy leaves seven dead including eight-year-old child

Ranil Wickremesinghe caravan moves on despite barking dogs

New Visa procedure implemented

MIRROR CRICKET

Is Chamari Athapaththu Sri Lanka’s greatest cricketer ever?

Athapaththu back atop ICC Women’s ODI Batting Rankings

Chamari Athapaththu sets big goal for T20 World Cup

How does CSK get best out of Pathirana?

TODAY'S HEADLINES

SL took minimal steps to punish officials who committed human rights abuses: US report

Iranian President’s visit Sri Lanka withstands western pressure

25 tons of solid waste disposed along Sri Pada route

Temperature rises to ‘Caution’ level

Sri Lanka secures third spot in South Asian Kurash Championship 2024

Athapaththu back atop ICC Women’s ODI Batting Rankings

Army forms committee to probe Diyatalawa Fox Hill Supercross accident

Indian cricket manager indicted for Legend Cricket League match-fixing allegations