Over 44,000 vehicles released to market despite import restrictions

Friday, 7 June 2024 02:54 - - {{hitsCtrl.values.hits}}

State Minister of Finance Ranjith Siyambalapitiya discusses with vehicle assembling firms on potential lifting of import restrictions, impact on local businesses
Industry representatives say import restrictions strengthened domestic vehicle assembling industry
Insists developing strong domestic vehicle manufacturing sector is long-term effort, need sustained support, investment
Siyambalapitiya assures Govt.’s commitment to boost local businesses

State Minister of Finance Ranjith Siyambalapitiya yesterday revealed that 44,430 vehicles have been released to the market despite the import restrictions in place.

“This includes 38,144 motorcycles and 6,286 cars,” he said during a discussion held at the Finance Ministry with a group of local vehicle assembly representatives.

He pointed out that despite the restrictions on vehicle imports, the assembly and sale of vehicle parts have continued unabated.

The meeting saw representatives from various domestic vehicle manufacturing companies discussing the potential lifting of import restrictions. They emphasised the need to balance import policies with the growth of local assembly businesses, which have seen a boost due to the import restrictions.

The representatives underscored that the restrictions have acted as a catalyst for the vehicle production industry in Sri Lanka. They highlighted that developing a robust domestic vehicle manufacturing sector is a long-term endeavour that requires sustained support and investment.

Minister Siyambalapitiya assured that the Government is committed to boosting local businesses.