Discussions ongoing with investors to set up vehicle assembly plants

Several investments to set up vehicle assembling plants in Sri Lanka are in the pipeline, while the government will promote vehicle value addition in the country, State Minister of Finance, Money Capital Markets and State Enterprise Reforms, Ajith Niward Cabral told Parliament this week.

Cabral, who was responding to an oral question raised by MP Mohamed Muzammil in Parliament, said, “I cannot divulge information on them as of now as only initial dialogues are continuing with potential investors.”

“There is tremendous potential for vehicle value addition such as producing vehicle seats and tyres. Besides there are investors who are keen on starting up projects in Sri Lanka in those lines of business,” he said.

Also Cabraal informed the House that the government will soon introduce concessions on current ban on vehicle imports. However he fell short of giving a time frame for it. (By Yohan Perera and Ajith Siriwardarsdana)