He also confirms the said procedure marks a major turning point in Sri Lankan vehicle assembly industry.
Minister further explains, after the cessation of vehicle import, Sri Lankan auto importers have held several rounds of talks with the Minister stating that their mother companies are willing to invest in the Sri Lankan vehicle assembly industry while highlighting the importance of a standard procedure (SOP) for vehicle assembling in Sri Lanka to do that.
Minister Weerawansa further points out that Indian, Japanese and Korean automakers are among them and when they start assembling vehicles in Sri Lanka, they receive tax concessions relative to the value-added and the abovementioned standard procedure (SOP) encompasses the relevant Indigenous Value-Added Formula and Theory for that. By establishing such a state commercial policy in Sri Lanka, the imported vehicles so far can be assembled and citizens would be able to purchase vehicles at a reasonable price rather than the import price. And this can be a potential to develop the automotive industry.
Minister further states, through this not only imported cars but also motorbikes and electric three-wheelers could be assembled in the country and it will be a turning point in Sri Lanka’s industrial field.
