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President opens South Asia’s biggest US$ 250 million tyre factory

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by Sanath Nanayakkare

President Gotabaya Rajapaksa inaugurated South Asia’s largest tyre factory built at a cost of US$ 250 million, at Wagawatte in Horana on Thursday.

Ferentino Tyre Corporation (Pvt) Limited is Sri Lanka’s biggest manufacturing facility for tyres and radials.

Ferentino Chairman Nandana Lokuwithana recalled how he was continuously motivated by President Gotabaya Rajapaksa to kick-start the plant without any delay.

“The President not only emphasized on getting the factory started but also mobilized and provided the support of relevant government institutions including the Board of Investments (BoI) towards getting the infrastructure and other operational aspects in place to ensure its commencement,” he said.

Lokuwithana said that the local manufacturers and entrepreneurs are encouraged by the President’s vision to boost production of goods for the local and export markets. “We believe we can rely on the government’s support in the future too,” he said.

The opening ceremony was also attended by Minister of Industries Wimal Weerawansa and Minister of Ports and Shipping Rohitha Abeygunwardena. The facility constructed with an investment of USD 250Mn is the brainchild of reputed entrepreneur Nandana Lokuwithana, the incumbent Chairman of Ceylon Steel Corporation (Pvt) Ltd.

The project will be the largest such facility in Southeast Asia manufacturing Passenger Car Radials (PCR) including specialized category for SUVs, two-wheelers, three-wheelers, trucks, buses and solid tyres seamlessly combining local talent with sophisticated European technology.

The new manufacturing plant combines state-of-the-art European technology in tyre manufacturing with local craftsmanship for an optimum, world-class output. The project was facilitated by the Board of Investment of Sri Lanka (BOI) and aims to generate a substantial amount employment opportunities directly and indirectly.

Ferentino Tyres will use locally sourced rubber as a main ingredient thereby compelling the local industry to level itself to deliver to the global expectation. The Phase 1 of the project has already been completed and commissioned while the construction of Phase 2 is scheduled to be completed in March 2022.

Lokuwithana also heads Onyx Group in the UAE with a host of subsidiaries including a steel fabrication company. His other investments include: Marriot Al Jadaf Hotel in Dubai, up-coming state-of-the art Cement Grinding Plant in Mirijjawila, Hambantota slated to be commissioned in May 2021 and Marangoni Industrial Tyres Lanka (Pvt) Ltd.



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Members of the TPA meet with President Dissanayake

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A group of Tamil Progressive Alliance (TPA) members, including its Leader Mano Ganesan, met President Anura Kumara Dissanayake on Thursday  (02) morning at the Presidential Secretariat.

Extensive discussions were held on the issues faced by the Malayagam communities, particularly in relation to education, housing and land, as well as on the urgent measures required to address these concerns. The President paid special attention to all these matters.

Attention was also drawn to the recruitment of qualified Tamil-medium teachers to address the teacher shortage in estate sector schools and this too was discussed at length.

Members of Parliament P. Digambaram and V. Radhakrishnan, along with several other party members, were present at the meeting.

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Lanka secures Russian support with oil supply amidst energy crunch

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Minister of Foreign Affairs, Vijitha Herath, held talks with Deputy Foreign Minister of Russia Andrey Rudenko at the Foreign Ministry, in Colombo, on Thursday (02), with both sides reaffirming their commitment to strengthening bilateral relations.

The Sri Lanka Ministry of Foreign Affairs said the visiting Russian Deputy Minister noted that Russia regarded Sri Lanka as a long-standing friend.

Rudenko assured that Russia stood ready to support Sri Lanka when required, including in the swift supply of Russian oil to help address the current energy challenges, encouraging Russian investors to explore new opportunities in the country and promoting increased tourist arrivals.

He also expressed Russia’s readiness to provide compensation for Sri Lankan war veterans who had lost their lives in the ongoing conflict between Russia and Ukraine.

Minister Herath welcomed Russia’s willingness to assist, emphasising that Sri Lanka valued the support extended by its “old friend”, particularly at a time when the country was facing pressing energy needs.

He noted that the two countries shared nearly seven decades of diplomatic relations and said the present moment provided an opportunity to further strengthen ties, including through long-term trade agreements.

The discussions focused on enhancing cooperation in the fields of energy, investment, tourism and diplomacy, with both sides reiterating their commitment to further deepen the longstanding friendship between Sri Lanka and Russia.

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157 foreigners arrested for engaging in online financial scam from hotel at Iranawila

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Police yesterday arrested 157 foreign nationals in connection with an alleged organised online financial scam, conducted from a hotel in the Iranawila area in Chilaw.

The suspects were taken into custody during a raid carried out by the Police while they were staying at the hotel in Iranawila.

Police said the arrested group included 143 nationals from China, 13 from Bangladesh and one from Vietnam.

Investigators suspect the group had been involved in a coordinated online financial scam, targeting victims through digital platforms.

The suspects are being detained for further questioning while investigations are continuing to determine the full extent of the operation and whether additional individuals were involved.Police said further inquiries are underway.

By Norman Palihawadane

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