Sri Lanka’s drive to attract world-class high-tech investments received a major fillip yesterday with the opening by President Gotabaya Rajapaksa of Ferentino Tyre Corporation (Pvt) Limited’s ultra-modern tyre factory in Horana.
The total investment for this project will exceed US$ 250 million. This is the largest tyre factory in South Asia equipped with the latest European manufacturing technology that will produce normal and radial tyres for a wide variety of vehicle segments including SUVs, passenger cars, motorcycles, three wheelers and trucks.
Located at a 155-acre site at the Wagawatta Industrial Zone in Horana, the factory will export 80 percent of its output to foreign markets, with the rest destined for the local market. The first batch will be exported to the USA this month under the Ferentino brand name. There is also a possibility for other tyre makers to use this factory on an OEM (Original Equipment Manufacturer) basis.
The facility will boost the export drive, provide employment to a large number of youth and also provide an unbeatable price for local rubber that will be used for tyre production. Many technical positions in the factory have been filled by skilled female workers. The factory is also environmentally friendly.
Another export-oriented tyre factory will come up in Hambantota, where Shandong Haohua Tire Co Limited of China will unveil a US$ 300 million facility.
The President was greeted on arrival at the Ferentino factory by Chairman of Ferentino Tyre Corporation Nandana Lokuwithana. After unveiling the ceremonial plaque, the President inspected the entire production process.
On this occasion, the President also presented a compliment to Grade 5 student Devmi Yasasmi of Sumanajothi MV Ingiriya for obtaining 200 marks at the recent Scholarship Examination.
Most Ven. Ittapane Dhammalankara Thera and Ministers Wimal Weerawansa, Rohitha Abeygunawardena, Mahinda Amaraweera and Ramesh Pathirana were present.
