The Financial Express

Sri Lanka to open $250m tire factory in 2021

The factory will generate 3,000 direct and indirect jobs

| Updated: November 29, 2020 11:38:07

Sri Lanka to open $250m tire factory in 2021

A 250-million-US-dollar tire manufacturing plant in Sri Lanka's western town of Horana is scheduled to open in January 2021, local media reported on Monday.

The factory built by the Rigid Tyre Corporation is expected to produce Passenger Car Radials for export and generate 3,000 direct and indirect jobs, state-owned Daily News reported, citing a statement by Rigid Tire Corporation, reports Xinhua.

"Investments such as these set a good precedent, cementing Sri Lanka's position as a haven for investors globally," Rigid Tyre Corporation Chairman Nandana Lokuwithana said.

"We intend to source all the necessary rubber locally which will empower the native rubber farmer, generate new job opportunities in the thousands and, more importantly, the country will benefit from exposure to European technology," Rigid Tire Corporation Executive Director Dhammika Lokuwithana said.

Minister of Industry Wimal Weerawansa inspected the factory on Friday and said that it would help boost the country's export earnings.

The first phase of the factory was completed with an investment of $100 million, while the second phase will be completed in March 2022.

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