The Sri Lanka Automobile Component Manufacturers Association (SLACMA) has extended its congratulations to Anura Kumara Dissanayake on his election as the new President of Sri Lanka. The association expressed optimism regarding the National Policy on Production (NPP) and its forward-looking industrial policies aimed at enhancing the automobile industry.
Dimantha Jayawardena, the President of SLACMA, noted that it is commendable to see automobile assembly and component manufacturing included in the NPP policy statement. “Manufacturing automobile components has been designated as a priority industry,” he stated.
Jayawardena highlighted the Standard Operating Procedure (SOP) established to promote local industries through the domestic value addition of locally manufactured components, which has enabled local manufacturers to access global supply chains. This SOP mandates the use of local components, requiring manufacturers to meet stringent quality standards set by Original Equipment Manufacturers (OEMs).
He also pointed out that several global brands are currently assembling vehicles in Sri Lanka. This project is being overseen by the Industries Ministry, which has formed a Cabinet-appointed committee with representatives from various government institutions, including the Finance Ministry, Sri Lanka Customs, and the Department of Motor Traffic.
Sri Lanka currently exports approximately $800 million worth of auto components annually, comprising $200 million in auto components, $200 million in automobile-related wire harnesses and electrical items, and $400 million in rubber components, tires, and solid tires. The Industries Ministry has laid out a 20-year master plan, and with the rise of electric vehicle (EV) manufacturing, SLACMA aims to position Sri Lanka as a manufacturing hub for wire harnesses and other electric components for EVs.
With the NPP policy statement clearly defining the development of automobile and component manufacturing, SLACMA and its 60 member manufacturers are optimistic about the industry’s future. The association plans to collaborate with stakeholders and policymakers to enhance export-oriented revenue by integrating into global supply chains. The Industries Ministry, Export Development Board, and Board of Investment (BOI) have set a target to achieve $3 billion in exports from this sector within the next ten years, a goal that SLACMA is confident can be reached.