Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe stated that the vehicle assembly and related component manufacturing sector has been one of the fastest-growing industries in the past four years.
In a Facebook post, he highlighted that currently, 17 assembly plants and 78 component manufacturing facilities are operational, generating 20,000 direct and indirect jobs and contributing USD 450 million in exports. International brands such as TVS, Bajaj, Hyundai, Proton, Cherry, JMC, and Beijing now assemble vehicles in Sri Lanka.
Approximately 60% of the value of motorcycles and 25% of the value of cars are locally added, a development attributed to continuous support from the Ministry of Industry and its Standard Operating Procedures (SOPs).
A ministerial team, including Motor Vehicle Advisory Committee Chairman Dimantha Jayawardena, recently inspected three key local manufacturers:
• Accolade Ventures (producing wire harnesses for motorcycles),
• FRP Technologies (manufacturing auto accessories),
• Auto Foam (producing seats and covers for cars and motorcycles).
Key stakeholders from Accolade Ventures, FRP Technologies, Ideal Industries, TVS Lanka, and Tantri Trailers participated in the visit. (NewsWire)
