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Government to support local automotive assembly with 30% locally made automobile components

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The Sri Lanka Automotive Component Manufacturers’ Association recently announced that the Sri Lanka government is actively seeking to promote automotive assembly with locally secured components, in order to boost the industry and create better job opportunities. The assembly of 100 vehicles will create more than 250 direct jobs and 100 indirect jobs. If 1000 vehicles are assembled, an average of 2500 direct jobs and 1000 indirect jobs will be created ensuring a solid and confident business environment for the manufacturers.

With the local vehicle assembly, component manufacturers will have a strong market to sell their products as well as improve product quality. It will also safeguard the interests of local automotive component manufacturers.

Sharing his views on the progress of this decision, Dimantha Jayawardena, president of the Sri Lanka Automotive Component Manufacturers’ Association said, “Automotive components manufactured by our members are of the highest quality and conform to international standards. They are fast gaining recognition as OEM products by leading automotive manufacturers. Government has offered this industry policy as an incentive to promote the use of at least thirty-percent of the original components from Sri Lankan manufacturers. This policy is monitored by the Ministry of Industry and Supply Chain under minister Wimal Weerawansa, along with the Ministry of Finance. SLACMA is also grateful to Dilum Amunugama, MP, the State Minister of Vehicle Regulation, Passenger Transport Services, Railway Carriages and Automobile Industries for his active support in driving this policy forward.”

The Memorandum of Understanding (MoU) signed between the Sri Lanka Automotive Component Manufacturers’ Association and the Automotive Component Manufacturers’ Association of India (ACMA) back in 2017 has supported the SLACMA in various ways including the possibilities to enhance technical collaborations through joint ventures, receive support and guidance in policy matters, obtain assistance in finding OEM partners and knowledge sharing between both associations. Sri Lankan Component Manufacturing has entered the Global Supply Chain by the technical collaboration between Ideal Auto Seating and MSKH India, a joint venture of Magna Worldwide – the largest automotive component manufacturer in the world. Magna Worldwide has its presence in 28 countries with 169,000 employees and 338 manufacturing plants.

SLACMA has submitted a 10-year master-plan to the Finance Ministry as a crucial step to take the Local assembly industry and component supply to the next level, as they seek quality certification from their regional counterparts to boost growth. Currently, the Ministry of Finance and Ministry of Industry and Supply Chain is in the process of obtaining Cabinet approval for the Standard Operating Procedure for local assembly and local auto-component manufacturing.

Automotive components presently manufactured in Sri Lanka

1) Tyres

2) Batteries

3) Rubber Components including Bushes

4) Exhausts Systems

5) Seats and Seating Components

6) Radiators

7) Bumpers and Body Interior Panels

8) Center Consoles

9) Suspension Components

10) Truck Trailers

11) Clutch Systems

12) HVAC Systems

13) Complete Dashboard Systems

14) Steering Racks Including Conversion Kits

15) Cables

16) Wire Harness

17) Oil Filters

18) Air Filters

19) Head Light Manufacturers.

20) Truck Bodies / Bowser / Tractor Trailers – More 300 Manufacturers.

(SLACMA)



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ComBank unveils new Corporate Branch at Head Office

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Commercial Bank Managing Director/CEO, Sanath Manatunge, Chief Operating Officer S. Prabagar, Deputy General Manager – Corporate Banking Hasrath Munasinghe, Corporate Branch Chief Manager -Ruvini Samarasinghe and representatives of the Bank’s corporate and senior management at the opening of the new Corporate Branch

The Commercial Bank of Ceylon has transformed its iconic ‘Foreign Branch’ into the ‘Corporate Branch,’ reaffirming its commitment to delivering dedicated, comprehensive financial solutions to corporate and trade customers.

The Bank said this transformation represents a new milestone in its illustrious journey, and resonates with the rich commercial heritage of Colombo, a city that has long served as a vital trading hub in the region.

Strategically located at the Bank’s Head Office at Commercial House, 21, Sir Razeek Fareed Mawatha (Bristol Street), Colombo 1, this rebranded Corporate Branch stands as a first of its kind in Sri Lanka —a premier financial hub tailored exclusively to the needs of corporate customers, the Bank said. The transformation aligns with the Bank’s vision of providing unparalleled service excellence, bespoke financial solutions, and fostering long-term business partnerships.

Commenting on this strategic initiative, Commercial Bank’s Managing Director/CEO Sanath Manatunge stated: “It is our aspiration that just as the historic Delft Gateway, at which our Head Office is located, once opened the path to the Dutch Fort, our Corporate Branch will chart a new era of enduring and prosperous business collaborations, that will extend beyond Sri Lanka’s shores.”

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Fits Retail and Abans PLC Unveil Exclusive DeLonghi Premium Coffee Experience

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The iconic DeLonghi coffee machines at Abans showroom

Fits Retail has partnered with retail giant Abans PLC to showcase the iconic DeLonghi coffee machines at two of Colombo’s most prestigious locations: Abans Elite Colombo 3 and Abans Havelock City Mall showrooms.

At these dedicated demonstration zones, visitors can discover the unparalleled precision engineering and user-friendly technology that have made DeLonghi machines the preferred choice for discerning coffee lovers in more than 46 countries worldwide. Renowned for consistently delivering café-quality espresso, cappuccino, and even specialty cold brews, DeLonghi machines exemplify Italian innovation at its finest.

Yasas Kodituwakku, CEO of Fits Retail, expressed excitement about the collaboration: “This partnership represents our unwavering commitment to bringing global coffee excellence to Sri Lankan connoisseurs. With Abans PLC, we’re creating more than just demonstration spaces; we’re curating premium destinations for an authentic coffee experience.”

“As pioneers of premium lifestyle experiences in Sri Lanka, our collaboration with Fits Retail aligns seamlessly with our vision of elevating everyday moments into exceptional experiences,” said Tanaz Pestonjee, Director Business Development at Abans PLC.

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Members’ Night of the Sri Lanka – Russia Business Council of The Ceylon Chamber of Commerce

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Participants at the Members’ Night

The Sri Lanka-Russia Business Council (SLRBC) of The Ceylon Chamber of Commerce (CCC) hosted a Members’ Night on March 27, at the Sophia Colombo City Hotel. The event, attended by His Excellency Levan S. Dzhagaryan, Ambassador of Russia to Sri Lanka, offered a valuable platform for business leaders, embassy officials, and Members to discuss and explore opportunities for deeper Sri Lanka-Russia collaboration, a CCC news release said.

SLRBC President, Mr. Jude Fernando, kicked off the evening with a speech highlighting the importance of strengthening international ties, which was followed by H.E. Dzhagaryan’s address on the need for continued engagement between the two countries. The event featured networking opportunities, allowing Members to connect with key stakeholders and discuss future business ventures, followed by a delightful dinner.

The event was made possible with the generous support of sponsors, including OCEAN 7 Logistics (Pvt) Ltd, Bally/Walkers Tours, Fibre cement associations, Ceylon Fresh Teas, SCANWELL Logistics, Regency Teas, Shan Teas, and others, whose contributions were key to its success.

The SLRBC is committed to further facilitating trade and cultural exchange between Sri Lanka and Russia, continuing to foster stronger business relationships.

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