Leading News from Sri Lanka::
* Micro Cars to open plant in Sri Lanka’s Hambantota Export Processing ZoneThu, Apr 18, 2013, 12:13 pm SL Time, ColomboPage News Desk, Sri Lanka.
Apr 18, Colombo: Low cost automobile manufacturer Micro Cars Limited, has signed an agreement with Sri Lanka’s investment promotion agency Board of Investment (BOI) to set up a fully-fledged Vehicle manufacturing/ Assembling facility in the Export Processing Zone (EPZ) in Mirijjawila, Hambantota.
Operating under the umbrella of Micro Holdings (Pte) Ltd, the new venture, to be named as Micro Cars International Consortium (Private) Limited, is expected to cater to the increasing demand for ‘Micro’ vehicles locally as well as internationally.
The total project with an estimated total investment of US$ 20 million is expected to be completed by 2016.
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 said Chairman / CEO of Micro Holdings Dr. Lawrence Perera.
In addition to the manufacturing and assembly lines, the state of the art facility will feature a Research and Development unit, a test & racing track and a vocational training centre offering a degree program in Automobile engineering affiliated to a prestigious International Educational Institution.
It will be the second Vehicle manufacturing/ assembling facility setup in Sri Lanka by Micro Cars. The first has been set up in the BOI Polgahawela EPZ.
The venture is expected to provide over 600 direct employment opportunities for the youth in southern Sri Lanka.
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