Saturday Nov 23, 2024
Saturday Nov 23, 2024
Wednesday, 23 October 2024 00:00 - - {{hitsCtrl.values.hits}}
The Cabinet of Ministers at their meeting on Monday decided restricting tenders for the disposal of scrap metal by State-owned transport companies to local bidders only, to support domestic industries.
Earlier, in June 2024 the Government approved a proposal to call for international tenders to sell the large volumes of scrap metal accumulated by the Sri Lanka Railway Department and the Sri Lanka Transport Board.
“The new decision restricts the bidding process to local companies; a shift intended to address the raw material needs of manufacturers. The move is aimed at boosting local industries that rely on scrap metal for production,” Cabinet Spokesman and Minister Vijitha Herath said at the weekly post-Cabinet meeting media briefing yesterday.
He said the market has faced shortages of raw materials and the Government hopes that by keeping these resources within the country, local businesses will benefit from more affordable and accessible scrap metal.
The decision was part of a broader effort to provide relief to domestic industries and ensure that they have a competitive edge, particularly given the current scarcity of materials.
“By limiting bids to local buyers, the Government aims to create a win-win situation where scrap disposal is streamlined and manufacturers can secure the materials needed,” he added.
