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Minister of Industry and Commerce Rishad Bathiudeen addresses Colombo Motor Show’s 8th gala awards night held on 3 December at JAIC Hilton
Sri Lanka’s automobile assembly industry has the potential to save valuable forex sacrificed for vehicle imports, stressed Minister of Industry and Commerce Rishad Bathiudeen. “I am pleased to say that my Ministry already facilitated two companies to actively engage in all types of vehicle assembly in Sri Lanka,” revealed Minister Bathiudeen, speaking at Colombo Motor Show’s eighth gala awards night held on 3 December at JAIC Hilton.
Speaking as the chief guest at the gala awards night, Minister Bathiudeen also said that having undergone a dip, global automobile sales have returned to bullish territory since March, which is good news for car lovers.
The Colombo Motor Show, according to the organisers, is in the process of establishing as a premium brand and has now gained a reputation as a top motor exhibition experience in Sri Lanka. It has also become the services hub in the industry and a platform where members in the motoring industry meet each other in one forum. The awards were for achievers and winners of August’s Colombo Motor Show. Minister Bathiudeen also launched the 2016 edition of the Colombo Motor Show at this event.
“The Government of Sri Lanka through my Ministry has identified the automobile industry as one of the key sectors with the potential to save foreign exchange sacrificed for imports and to contribute towards the development of the industry sector through backward and forward linkages. I am pleased to say that my Ministry already facilitated two companies to actively engage in all types of vehicle assembly in Sri Lanka. The most important news is that these two firms have assembled and issued more than 8,500 vehicles to the local market some of which are already in use across Sri Lankan roadways.
Among the types of motor vehicles assembled in this way are cars, jeeps, mini vans and even SUVs!” said Bathiudeen and added: “This is Motor Show is a useful platform for the owners of 566,000 motor cars in Sri Lanka. In a five year period the total motor cars in Sri Lanka has grown by 36% by 2014 to 566,000. The increasing popularity of this show comes at a time when global car sale reports also showing year on year sales increase by 3% from last September to this September.
The reports also say that this is the strongest global car sale performance seen since March this year. In Sri Lanka the ‘hybrid car market’ appears to be a fast growing new segment while electric vehicles too show promise. What is more interesting is that there is a new trend of steadily increasing imports of super luxury cars into the country. Despite the high tax rates, some Lankan buyers appear to be increasingly keen for more and more super luxury cars. I believe it is now time for Colombo Motor Show to position its exhibition closer to our growing tourism sector.”
Minister Bathiudeen’s Ministry of Industry and Commerce plays a key role in recommending exemptions (from excise duty) for locally assembled motor vehicles that use new vehicle components containing no less than 30% domestic value addition.
