Tuesday Nov 05, 2024
FT
Tuesday Nov 05, 2024
Tuesday, 5 November 2024 01:14 - - {{hitsCtrl.values.hits}}
A high-profile delegation from the global tyre manufacturing giant Michelin met the newly appointed EDB Chairman Mangala Wijesinghe on 1 November to explore and discuss avenues to take Sri Lanka’s rubber manufacturing sector to greater heights as well as solidify the fruitful relations the two entities have enjoyed for a number of years.
The delegation was represented by France based Michelin Headquarters Corporate Vice President, Public Affairs Eric Le Corre, Consultant, Public Affairs Koenraad Pringiers and Head of Legal Affairs from Michelin’s local facility Nilanthi Weliwe.
The Michelin group is the second largest tyre manufacturer in the world, and it is best known for having invented the detachable tyre.
The group has 123 production sites in 26 countries and has a commercial presence in 170 countries with 125,000 employees worldwide. In Asia, Michelin has a strong presence in countries such as Thailand, China, India, and Sri Lanka.
The French multinational, entered Sri Lanka in 2018 and commenced operations in 2019 through the acquisition of Camso-Loadstar, thereby becoming the largest French investor and one of the leading exporters in the country. The company has been manufacturing and exporting agricultural and industrial solid tyres, tracks and has nearly 6,000 employees throughout the island.
The EDB has been closely working with the internationally acclaimed firm for a considerable period of time. The premier export promotion agency assisted Michelin’s Sri Lankan firm by enabling the participation of its technical personnel in industrial workshops on tyre compounding, tyre technology, innovations and research and development for five years between 2018 and 2023. The EDB also facilitated the firm’s factory operations during the COVID-19 period in the country.
The representatives of Michelin pointed out that the Government needs to implement proactive policies to increase rubber production in Sri Lanka to provide impetus to value-added rubber products while taking initiatives to expand market access through FTAs. They also stressed the necessity of establishing a dedicated rubber zone to manufacture different types of rubber products in the country. The EDB Chief assured that the new Government would extend their fullest support to Michelin to increase their exports with the anticipated investor-friendly policies of the new Government.
