SL to get $ 200 million investment from Chinese firm
View(s):Shandong Haohua Tire Co. Ltd in Shandong Province, China has plans valued at US$ 200 million to set up a radial car and truck/bus tire plant in Sri Lanka, an overseas insurance publication said.
“Shandong Haohua, which goes to market under the Aplus, Compasal, Lanvigator and Royal Black brand names, is budgeting $200 million to build a plant in Sri Lanka with an eventual annual capacity of 20 million units and $250 million to expand TBR capacity in China,” Jordan Jordan Insurance reported. With the development and implementation of “the Belt and Road” global development strategy adopted by the Chinese government, Shouguang City government, where Haohua Tire is located, encouraged enterprises to seize opportunities and actively connect with countries along the “Belt and Road”, and set up overseas production lines, distribution centres, and overseas warehouses.
“According to Chinese tire media reports, relevant personnel of Haohua Tire said that some preliminary preparations are in progress. However, affected by the new crown epidemic, they have not yet held in-depth discussions with the Sri Lankan side on the specific details of the factory establishment,” the publication said.
The company is one of the largest private tire manufacturers in China. (DEC)