No impact on local vehicle assembly industry

The systematic lifting of the motor vehicle import ban would not have a negative impact on the local automobile assembly industry, said John Keells Group President, Retail, Charitha Subasinghe at the launch of the ‘BYD Colombo Motor Show 2024’ which will be held from December 6 to 8 at the BMICH.

He said that the new Government too has indicated that they would permit a systematic import of motor vehicles and this is highly laudable. Subasinghe said that vehicle imports would have a major positive impact on the country. “First, it will help to boost Government coffers through the tax they gain through imports.”

“Since we expect the government to give priority towards the import of electric vehicles, this could save a huge annual import to the country by saving on forex spent towards the purchase of fuel for vehicles.”

He said that there are many employees that are dependent on vehicle sales and associated sectors to find their living and opening the imports will give them back their employment. Subasinghe said by permitting imports the country would also be able to replace the ‘depleting vehicle segment’ ensuring better safety on the roads. Today the second-hand vehicle market has very high and unreasonable prices and lifting of the ban would help to correct this as well.

Asked by ‘Daily News Business’ if the current assembly of local vehicles would not be affected due to the import of vehicles he answered in the negative.

“This would not happen since the new imported vehicles would be priced at a higher price than the locally assembled vehicles,” he said.

John Keells Group has been appointed as the exclusive distributor of China’s BYD passenger EV vehicles in Sri Lanka and they opened a showroom in Colombo recently.

‘BYD Colombo Motor Show 2024,’ International Motor and Motor Accessories Exhibition, is organized by the Asia Exhibition and Conventions (Pvt) Ltd for the 17th successive year.

“Last year the event concluded with over 75,000 crowd turnout. Our objective was to bring the industry up without further collapse and finally, we succeeded in the event with very high potentials to its participants,” said Managing Director Asia Exhibition and Conventions, Tyronne Chandrasekara.