New era for local motor vehicle assembling with 2021 Budget - SLACMA | Daily News

New era for local motor vehicle assembling with 2021 Budget - SLACMA

The Sri Lanka Automotive Component Manufacturers’ Association (SLACMA) welcomed the 2021 Budget describing it as a ‘new era for local automotive component manufacturers’.

In appreciation of the government’s efforts to encourage entrepreneurs in the automobile industry engaged in vehicle assembling using locally manufactured brand-new auto components, Dimantha Jayawardena, President of Sri Lanka Automotive Component Manufacturers’ Association said the 2021 Budget will implement the following Policies: Local automotive assembly using 30% of locally manufactured brand new parts. Promotion of local automotive products by giving them preference in Government tenders (Domestic Preference). Eliminate the unfair competition for local auto manufacturers by preventing under-invoicing by importers.

SLACMA has submitted a 10-year master-plan to the Finance Ministry as a crucial step to take the Local Assembling Industry and Component Supply to the next level, as they seek quality certification from their regional counterparts to boost growth. The association reiterated the role of the Ministry of Finance under the Prime Minister, Ministry of Industry and Supply Chain and the Ministry of Vehicle Regulation, Passenger, Transport Services, Railway Carriages and Automobile Industries, Department of Motor Traffic, Export Development Board and the Board of Investments of Sri Lanka for their active support in driving this policy forward.

The Sri Lanka Automotive Component Manufacturers’ Association is currently in talks with seven world-renowned automobile companies, in order to supply locally assembled and manufactured automobile components. Jayawardena expressed confidence in a better future for the industry in creating many jobs in the months to come.