Trade Ministry eyes boost to local tyre industry

Friday, 3 January 2025 00:30 - - {{hitsCtrl.values.hits}}

The Trade Ministry recently convened a meeting with representatives from the Local Tyre Manufacturers’ Association to explore strategies for boosting the domestic tyre industry.

Trade Minister Wasantha Samarasinghe in a post via Facebook noted that the discussions centred on reducing the country’s reliance on imported tyres, a move seen as crucial for conserving foreign exchange reserves amidst economic challenges.

The Association raised concerns about the high volume of tyre imports, which they claim have led to market oversupply despite the availability of locally produced options.

“To address this issue, the Association proposed implementing restrictions on tyre imports. Such measures they contended would not only support domestic manufacturers but also reduce the financial strain on the country’s limited foreign reserves,” they pointed out.

In response to these concerns, an agreement was reached to lower the prices of locally manufactured tyres, making them more affordable for consumers.

The Ministry emphasised that the price reductions must not come at the expense of quality, stressing the importance of maintaining international standards to ensure consumer confidence in local products.