Micro Cars to set up vehicle manufacturing and assembling plant in Hambantota
View(s):Micro Cars Ltd, a pioneer in the Sri Lankan automobile industry for designing, manufacturing and assembling automobiles is setting up a fully-fledged vehicle manufacturing/assembling facility in the Export Processing Zone (EPZ) in Mirijjawila, Hambantota,
An agreement for this purpose was signed with the Board of Investment (BOI) recently.
A BOI statement said the company took this step to cater to the increasing demand for “Micro” branded vehicles locally as well as internationally. The total project is expected to be completed by 2016 and would be the second vehicle manufacturing/assembling facility set up in Sri Lanka by Micro Cars, with the first being located at the BOI Polgahawela EPZ.
The new manufacturing facility at Hambantota will comprise of automated production /assembly lines, focusing on the production/ assembly of a range of vehicles catering to most of the segments of automobile trade with an estimated investment of US$20 million, according to Dr Lawrence Perera Chairman/CEO of Micro Holdings.
Operating under the umbrella of Micro Holdings (Pte) Ltd, this new venture will be named Micro Cars International Consortium (Pvt) Ltd. In addition to the manufacturing and assembly lines, the state of the art facility will feature a Research and Development unit, a test and racing track and a vocational training centre offering a degree program in automobile engineering affiliated to a prestigious international educational institution. The facility is expected to generate over 600 direct employment opportunities for the youth in southern Sri Lanka. Similarly many indirect employment opportunities will be generated through parts/component manufacturers who will be supplying locally manufactured parts and providing services to the production/assembling processes.
Moreover the use of local components will result in a substantial saving of foreign exchange for the country whilst simultaneously earning from its exports.
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