Business
Ferentino Tyre Corp US$ 250mn plant to be opened
Gearing for one-of-a-kind production in the region
• 80% of production to be exported
• Combines local talent with European technology
• More focus on building tyres for SUVs
by Sanath Nanayakkare
Southeast Asia’s largest tyre manufacturing facility – Ferentino Tyre Corp in Wagawatte Export Processing Zone in Horana is scheduled to be opened by President Gotabaya Rajapaksa on Friday- January 14.
Ferentino Tyre Corporation (Pvt) Ltd is a venture facilitated by the Board of Investment of Sri Lanka (BOI) which consists of state-of-the-art European technology optimised to deliver substantial production volumes.
Estimated at US$ 250 Million, the project’s Phase 1 has been completed while Phase 2 is slated to be completed and ready for commissioning in March 2021.
Ferentino Tyres is the brainchild of well-known entrepreneur and Chairman of Ceylon Steel Corporation Nandana Lokuwithana.
“I am excited about the project as I’m confident it will serve to bolster the economy by way of boosting export revenue as well as generate many new occupational opportunities. We also intend to source our entire requirement for rubber locally thereby empowering the rubber farmers. This project is certainly a win-win for all parties involved,” Lokuwithana said.
The landmark project is one of a kind in Sri Lanka and is tipped to be the largest such facility in the whole of Southeast Asia manufacturing Passenger Car Radials (PCR) including specialised category for SUVs, two-wheelers, three-wheelers, trucks, buses and solid tyres seamlessly combining local talent with sophisticated European technology.
The export-oriented manufacturing plant with its impressive production capacity is expected to bolster the economy by revitalizing exports at this decisive juncture supporting the government’s efforts to bolster foreign reserve levels in the face of external challenges. It is also expected to create thousands of new job opportunities, both directly and indirectly.
Chairman of Ferentino Tyre Corporation (Pvt) Ltd is a businessman of international repute heading ONYX Group in the UAE, Mariott Al Jaddaf Hotel in Dubai and the upcoming state-of-the-art cement factory in Mirijjawila, Hambantota valued at USD 75nn.
Speaking about the Ferentino projects he said,” The first phase of the project worth US$ 100 million is an investment done on our own 100% in an extent of 160 acres. The second phase worth US$ 150 million will be done with a partner and negations for this are underway”.
When ‘The Island Financial Review‘ asked what he felt about being a controversial figure some years ago as someone drew strong criticism and opposition towards his work he said,” Well, that was earlier when they had not understood me and my work correctly, and without knowing me well they gave their versions of me”.
Ferentino Executive Director Dhammika Lokuwithana thanked the government and the BOI for helping to bring the vast area of marsh to its present level within a period of three and a half years for the export-oriented company to operate in.
Business
SLT-MOBITEL driving Sri Lanka’s economic resilience through digital infrastructure
Corporate accolades underscore the alignment between its operational excellence and national development
In an era where national competitiveness is intrinsically tied to digital connectivity, strengthening the country’s digital backbone has become an urgent priority. Within this context, the evolving role of Sri Lanka’s leading telecommunications provider, SLT-MOBITEL, offers valuable insight into how technological infrastructure can underpin broader economic resilience.
Telecommunications and digital networks are foundational to economic transformation. By expanding high-speed broadband access, upgrading enterprise cloud capabilities, and bridging the urban-rural connectivity divide, SLT-MOBITEL helps reduce business transaction costs, streamline supply chains, and enable micro, small, and medium enterprises to reach global markets.
Recent corporate accolades further underscore this alignment between operational excellence and national development. SLT-MOBITEL’s triple triumph at the National Business Excellence Awards 2026 – winning in the Infrastructure and Utilities sector, Performance Management, and ICT Services categories – highlights its growing impact. Notably, the recognition of eChannelling’s contributions to digital healthcare reflects a broader strategic pivot toward integrated technology solutions.
“Institutional efficiency of this nature is critical for attracting foreign direct investment, as global partners increasingly assess a country’s digital maturity and systemic stability before committing capital,” noted industry observers.
Moreover, the company’s transition from a conventional telecom utility to a comprehensive digital solutions provider aligns seamlessly with Sri Lanka’s national digitalisation agenda. As the country pursues public sector modernisation, enhanced e-governance, and a competitive knowledge economy, the private sector must step up to deliver secure, scalable, and future-ready networks. Investments in data centres, cybersecurity frameworks, and advanced ICT infrastructure act as strategic buffers, ensuring that Sri Lanka’s economic apparatus remains agile and resilient amid future global uncertainties.
However, industry experts caution that while these achievements are commendable, SLT-MOBITEL still has a considerable distance to cover in fully enabling a truly digital economy.
Business
Port City Colombo strengthens Gulf investment ties at Dubai diplomatic engagement
Port City Colombo (PCC) took a prominent role as Platinum Sponsor at the second edition of Sri Lanka Beyond Your Dreams, a high-level diplomatic and investment engagement hosted by the Consulate General of Sri Lanka in Dubai and the Northern Emirates. The event, held on 2nd September 2026 at the Hilton Dubai Al Habtoor City, brought together over 400 senior UAE-based business leaders, investors, diplomats, and institutional stakeholders, alongside Sri Lanka’s most senior government representatives.
The gathering was graced by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, as Guest of Honour, and Vijitha Herath, Sri Lanka’s Minister of Foreign Affairs, Foreign Employment and Tourism. A high-level Sri Lankan delegation – including the Secretary to the Prime Minister, the Chairman of the Board of Investment, the Chairman of the Export Development Board, and the Director General of Commerce – underscored the government’s strong commitment to deepening economic diplomacy with the UAE.
In his keynote address, Minister Herath reaffirmed the centuries-old ties between Sri Lanka and the Arab region, emphasising the UAE’s vital role as a key economic partner. He stressed the urgency of finalising a Comprehensive Economic Partnership Agreement (CEPA) with the UAE, which would establish a robust framework to elevate trade, investment, and bilateral cooperation. Declaring Sri Lanka “open and ready for business,” he positioned Port City Colombo as the physical embodiment of this economic mission – a modern Special Economic Zone (SEZ) with a dedicated legal framework and competitive incentives, offering UAE investors a natural gateway to South Asia while maintaining strong Gulf connectivity.
Business
American Premium Water strikes Gold at Dragons of Sri Lanka 2026
American Premium Water has secured four wins at Dragons of Sri Lanka Awards 2026, including three Gold Dragons and one Black Dragon, marking a significant milestone for the brand following its relaunch last year.
Part of the prestigious Dragons of Asia awards, Dragons of Sri Lanka brings the program’s regional platform to the local market, celebrating creative and effective marketing communications, with entries evaluated on strategic thinking, creativity, execution and impact. Established in 2000, Dragons of Asia is one of Asia’s premier results-driven marketing awards programs.
For American Premium Water, the achievements are particularly significant given that the company’s debut at the Dragons awards has resulted in four Dragons across four categories. In the distinction of Gold Dragons, American Premium Water was recognized across three categories including Product Launch or Re Launch, Cause, Environment or Sustainability and Creative Excellence while the Black Dragon was awarded in recognition of Small Budget.
Competing alongside leading brands and agencies in Sri Lanka, American Premium Water’s four wins demonstrate the strength and effectiveness of its recent work. Winning three Gold Dragons across three distinct categories highlights the breadth of the brand’s achievements, while the Black Dragon for Small Budget further emphasizes its ability to create meaningful impact through focused and efficient investment.
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