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Rigid Tyre to create 3,000 new jobs
Investor Nandana Lokuwithana explains something to Minister Malik Samarawickrama and BOI officials
Rigid Tyre Corporation (Pvt.) Ltd, which is said to be building Sri Lanka’s largest tyre plant, will generate 3,000 direct employment opportunities and possibly three times as many indirect jobs, the country’s apex investment promotion agency, the Board of Investment (BOI) said.
In addition, new opportunities for local entrepreneurs have arisen, including the construction of dormitories, transport, supply of materials and other services, the BOI noted.
The factory is currently being built at the BOI Wagawatte Industrial Park, with a total investment of US $ 250 million. A BOI statement said the investment could even go up to US $ 300 million.
According to the BOI statement, the project is a joint Sri Lanka and Chinese investment. However, it appears that the major investor of this venture is Nandana Lokuwithana, who already has business interests in Sri Lanka and the UAE. The project is said to be completed within six months.
Development Strategies and International Trade Minister Malik Samarawickrama, who recently visited the project site, said a project of this magnitude could send strong signals to other enterprises to follow suit by investing.
“From our side, we will ensure that this project will receive all the support needed, especially with some of the vital utilities that are required. We can also showcase this project as a success story to attract other global investors,” he said.
The BOI said the project has obtained the approval for its Environmental Impact Assessment (EIA) from the Central Environmental Authority. The company is also expected to introduce advanced environmentally friendly technology.
Samarawickrama was accompanied by BOI Director Mangala Yala, Director General Dumindra Ariyasinhe and several other senior officials.
In addition, officials from a number of key institutions, including the Road Development Authority, Ceylon Electricity Board, Water Board and Central Environmental Authority, took part in the site visit.
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