ECONOMYNEXT – Sri Lanka has approved tax breaks for a 300 million dollar tyre factory to be built by Shandong Haohua Tire Co. Limited of China.
The firm will have to export 80 percent of its output to qualify for tax breaks.
It is the biggest investment so far approved to be set up in an industrial zone in Hambantota port.
It will be located in an industrial zone in Hambantota international Port.
the factory which will employ 2,000 workers will be in a 121 acre space in the Hambantota Port industrial zone.
The land is provided to Shandong Haohua Tire Co. Ltd by Hambantota International Port Group (HIPG), a unit of China’s CM Ports, which runs the port and its adjacent industrial zone.
The factory will start operations in three years and in the first phase nine million tyres, enough to fill 45,000 containers will be exported. (Colombo/Dec08/2020)