State Minister of Investment Promotion, Dilum Amunugama, said that the investment targets assigned to the State Ministry of Investment Promotion by the Ministry of Finance for 2024 could be surpassed three fold.

The State Minister said that for an investors to consider investing in  a country, they require political and financial stability and be certain about its future

He made these remarks on Friday (10) during a press conference themed ‘Collective Path to a Stable Country’ held at the Presidential Media Centre (PMC).

Minister of State for Technology, Kanaka Herath at an event held at the Presidential Media Centre on Friday (10) said that  arrangements have been finalized for the DIGIECON Global Investment Summit 2024, slated to take place in conjunction with the “DIGIECON-2023” project, on June 25th, under the auspices of President Ranil Wickremesinghe in Colombo.

He added that this summit aims to bolster the ongoing DIGIECON initiative, geared towards fostering a digital economy in Sri Lanka. The conference presents a significant opportunity for individuals engaged in the field of information technology, including students, to advance their expertise.

Elaborating further he said “Our objective with this summit is to position Sri Lanka prominently on the international stage, providing a platform for the global community to explore investment opportunities within the country. Through targeted programs, we aim to showcase the exceptional talents of our youth and provide them with unique avenues for growth” .

More than 30 assemblers will be in operation by the end of this year

Sri Lanka’s automobile assembly is experiencing significant growth and development with the involvement of world-renowned brands including Hyundai, Proton, BAIC, DFSK, Wuling, Mahindra, TATA, Bajaj, TVS, JMC and Lanka Ashok Leyland emphasizing the favourable environment for investment.

The approval to assemble a wide range of vehicles including SUVs, Cars, Two-Wheelers, Double-cabs, Trucks and Buses has paved the way for a diversified automobile assembly industry in the country catering to various consumer needs. Nwow electric bikes, KD Rize, Dyno and Senaro are also involved in the local assembly of motorcycles. More than four assemblers including JAC and FOTON will be starting assembly in Sri Lanka and by the end of the year more than 30 assemblers will be in operation in the local automobile assembly industry.

These world-renowned assemblers must provide a domestic value addition of more than twenty percent by using locally manufactured automobile components. Many of the local component manufacturers have gone through an extensive product development and product approval process to maintain the global original equipment (OE) standards maintained by the international brands. With an increase in both component manufacturing and assembly, the industry is poised for a period of further expansion.

Following the Standard Operating Procedure (SOP) launched in 2021, there are over fifteen automobile and motorcycle assembly plants currently operating in Sri Lanka. Four more assembly plants are due to begin operations within the next three months and another eleven have been registered by the Ministry of Industries. A Special Cabinet appointed Committee oversees the SOP and its governance.

Chairman of the Sector Advisory Committee for Automobile for the Ministry of Industries, Dimantha Jayawardena said, “Sri Lankan automotive component manufacturers went through one of the toughest business cycles from 2020. The Sri Lanka government is promoting automobile component manufacturing as a trust sector for growth and has a plan to grow exports from USD 200 million to USD 1 billion.

The temporary suspension on motor vehicle imports has increased the market for locally assembled vehicles. The planned establishment of an R&D and testing facility by the Industrial Development Board (IDB) indicates a commitment to innovation and quality assurance within the industry, to further enhance Sri Lanka’s competitiveness in the global automotive market. The Automobile Industry Council (AIC) initiated by the government is also laying out the curriculum for the required technical and vocational education for automobile assembly.”