A delegation from Michelin, the French tyre manufacturing giant met with the BOI Chairman Hemasiri Fernando and Champika Malalgoda, Director General of the BOI.
By acquiring Camso Lodestar the leader in the manufacture of solid rubber tyres in the country and a BOI enterprise, Michelin are now established in the island and will set to start their operations through that Company.
Mergers and acquisitions form the single largest component of Foreign Direct Investment globally and they are more common in developed economies where well established enterprises are attractive to potential investors.
Eric Le Corre, Group Director Public Affairs of the Michelin group stated:” we have closed the deal with Camso and we are now a very significant player in Sri Lanka. It is also important to note that our incoming CEO has visited Sri Lanka and appreciates the importance that this country will play in Michelin’s future operations”
“Let me further state that the Michelin group is the second largest tyre manufacturer in the world and is best known for having invented the detachable tire. Our group is present in 17 countries and our total staff strength is approximately 114,000. In Asia we are very strong in countries like Thailand, China and India and now Sri Lanka”
Le Corre added that Sri Lanka is good in areas such as labour standards, which is very important to Western European consumers who place a considerable importance to high ethical standards of manufacture.
Hemasiri Fernando, Chairman of the BOI assured the Michelin delegation that the BOI will fast-track the process and make every effort to ensure that Michelin’s operation will be smooth.
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