Vehicle assembly sector sees rapid growth: Deputy Minister

Tuesday, 11 February 2025 00:07 - - {{hitsCtrl.values.hits}}

Highlights sector generating $ 450 m in exports
Says global brands —TVS, Bajaj, Hyundai, Proton, Cherry, JMC, and Beijing now assemble vehicles locally

Industry and Entrepreneurship Development Deputy Minister Chathuranga Abeysinghe on Saturday stated that the vehicle assembly and component manufacturing sector has emerged as one of the country’s fastest-growing industries over the past four years.

In a Facebook post, Abeysinghe highlighted that 17 vehicle assembly plants and 78 component manufacturing facilities are currently in operation, generating 20,000 direct and indirect jobs and contributing $ 450 million in exports. He noted that global brands, including TVS, Bajaj, Hyundai, Proton, Cherry, JMC, and Beijing, now assemble vehicles locally, marking a significant shift in the country’s industrial landscape.

The local value addition has also increased, with 60% of motorcycle components and 25% of car components now produced within Sri Lanka. This growth has been driven by sustained government support and the implementation of Standard Operating Procedures (SOPs) by the Industry Ministry to encourage local production.

A ministerial delegation led by Motor Vehicle Advisory Committee Chairman Dimantha Jayawardena recently inspected three key manufacturers to assess progress in the sector: Accolade Ventures, which produces wire harnesses for motorcycles, FRP Technologies, specialising in auto accessories, and Auto Foam, a manufacturer of seats and covers for cars and motorcycles.

Executives from Ideal Industries, TVS Lanka, and Tantri Trailers also participated in the visit, underscoring growing collaboration between government bodies and private sector

stakeholders.