Friday, 26 August 2011

Volkswagen to invest in Sri Lanka Hambanthota port development zone




The German car company Volkswagen has shown interest in investing in Sri Lanka's Hambanthota Magampura Port Investment Zone, the government media reported.
According to the Sri Lanka Ports Authority (SLPA) the company has forwarded a proposal to set up a plant in the investment zone to assemble cars. The proposed plant will assemble vans with 8, 10 and 12 seat capacity mainly for the local market. There is a high demand for vans in Sri Lanka.
SLPA Chairman Dr. Piyath Bandu Wickrama said yesterday that the Authority has approved US$ 610 million in investments from three firms to start warehousing in a sugar refinery, fertilizer bagging and bottle manufacturing in the zone. The investors will be allocated 100 hectares under phase one and an additional 300 hectares under the second phase of the port development project.
Meanwhile, Sri Lanka's Micro Cars Limited and Associated Motorways have also expressed interest in setting up plants in the zone mainly to cater to the local market.

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