Press briefing of Cabinet Decision taken on 2020-12-07

Project to manufacture semi steel radial tyres and all steel radial tyres for export market

- Shandong Haohua Tire Co. Limited of China has submitted a project proposal to the Board of Investment of Sri Lanka with an investment of US$ 300 million for the establishment of a project within the premises of Hambantota International Port for manufacturing semi - steel radial tyres and total steel radial tyres for the export market. The board of investment of Sri Lanka has given its consent for the implementation of this project as a strategic development project under the Strategic Development Act (Amended) No. 14 of 2008. Accordingly, the proposal made by the Hon. Prime Minister in his capacity as the Minister of Finance, to grant the relevant tax concessions as per the provisions furnished by the Strategic Development Act, subject to inauguration of the project within a period of 36 months and export at least 80% of the total production, was approved by the Cabinet.