Saturday Dec 14, 2024
Saturday Dec 14, 2024
Thursday, 3 May 2018 00:00 - - {{hitsCtrl.values.hits}}
Opening a new chapter in the Sri Lankan automotive industry, a Tokyo-based high-tech research and development startup is planning Sri Lanka’s first ever large, industry-scale Electric Vehicle (EV) manufacturing facility, the Industry and Commerce Ministry said yesterday.
The startup from Tokyo is also setting up international standard EV charging systems known as “micro-grid” stations across the country, as part of their hi-tech transfer to Sri Lanka.
A top Japanese investment team consisting of key executives of Tokyo’s Future Science Research Inc (FSRI), along with high-ranking former Japanese officials, is now in town for the project’s initial groundwork.
The proposed EV manufacturing operation is to take off by producing Sri Lanka’s first ever smart EV tuk-tuks.
“We are not coming to Sri Lanka because of the availability of resources - such as cheap labour. If that is the case we can go to some other destination where the resources are available even cheaper,” said the Chairman of Tokyo-based Future Science Research Inc (FSRI), Akihiko Matsumura.
FSRI’s Matsumura, who is leading a delegation consisting of executives of his company and several former Japanese technocrats, was addressing the Minister of Industry and Commerce Rishad Bathiudeen whom he met in Colombo. The FSRI team trip to Sri Lanka was facilitated by Sunil Gamage, Chairman of Japan Asia Holdings.
“We are entering due to our long-term vision, well-established history of Sri Lanka-Japan cooperation and the need for us to have a good base from where we can win in the competitive automotive world.” Matsumura added.
“We are not looking for conventional production or assembly either; we want to go with cutting-edge tech. We look to team up with many Lankan firms in joint ventures. Our entire (proposed) output is for the Sri Lankan market and we can consider exports after meeting local market requirements.”
The company proposes to start Sri Lanka’s first ever eco-green EV three-wheeler and motorbike production facility, which will also be the company’s first ever venture producing a full EV by itself anywhere in the world outside of Japan.
“This new venture is innovative and Sri Lanka is in fact honoured to have it here. It will be a great step forward for Sri Lanka’s automotive sector and will involve both the BOI and my ministry. I and my officials will extend our fullest cooperation to get this off the ground,” said Minister Bathiudeen.
Chairman Matsumura and his team did not reveal any details of their planned investment values in the proposed EV initiative.
In the period of 2007-2017, Sri Lanka received Japanese FDI investments totalling $ 273 million. There are 85 Japanese private sector projects in operation in Sri Lanka at present. Among the sectors receiving Japanese investment here are those concerned with semiconductors, printed circuit boards, safety sensors, ceramic items, cement, apparel, the building and repair of ships, power and tourism, infrastructure and logistics.
