Govt. in negotiations to start vehicle assembly plants: Cabraal

•  Govt. looking to make country hub for vehicle value addition
•  Initial discussions underway with several investors

Negotiations are underway with several investors to start vehicle assembly plants in Sri Lanka with the Government keen to promote the country as a hub for vehicle value addition, State Minister of Money, Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal, told Parliament yesterday.

He said several projects were in the pipeline, all of which would be made public after matters were finalised. Cabraal said this in response to a question raised by SLPP MP Mohamed Muzammil yesterday.

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

Cabraal added that concessions would be given for the motor vehicle sector when the Government removes the restrictions imposed on vehicle imports but did not say when these restrictions would end.