Colombo – Sri Lanka has approved a proposal to establish a 3-million-unit tire plat in the country, the official website of the government announced on 15 June.
The proposal, which was made by the Sri Lankan minister of development strategies and international trade Malik Samarawickrama, envisages a $75-million (€66-million) investment at Gonapola, Horana district of Sri Lanka.
The government greenlight was given to the project in the view of the country’s $470-million income from the export of pneumatic & retreated rubber tires and tubes. The figure is nearly 62 percent of the total rubber exports of Sri Lanka.
Sri Lankan officials told the press that Italy’s Marangoni was to set up the “radial and industrial tire manufacturing plant” in Horana.