Deputy Finance Minister Dr Sarath Arnunugama said plans are afoot to reduce vehicle imports by almost one third in the near future and invite manufacturing giants to invest in Sri Lanka and to assemble vehicles locally which will help boost the country's economy.
Deputy Finance Minister Dr Sarath Arnunugama said plans are afoot to reduce vehicle imports by almost one third in the near future and invite manufacturing giants to invest in Sri Lanka and to assemble vehicles locally which will help boost the country's economy. Dr. Amnungama said the government had made adjustments to its import tax policy to decrease the negative impact that the importation of motor vehicles had contributed to the country's balance of payments. Dr. Amunugama, said as an initial step, an assembling plant had been constructed in Polgahawela. Also he said that Sri Lanka had signed Free Trade Agreements with India and Pakistan which will eventually contribute towards the industry as the agreements will make the importation of vehicle parts and accessories easier.
Dr. Amunugama said the country had imported nearly 28,000 luxury four wheel drive vehicles and cars in 2013 incurring over US$ 467 million, while around 26,000 had been imported in 2012 by spending US$ 364 million. In 2011 it was 56,258 four-wheel drive vehicles and cars and the country had spent almost US$ 700 million to import these vehicles.
