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Thursday December 2nd, 2021
Economy

Sri Lanka bus assembly eyed by China’s King Long Auto in Hambantota

ECONOMYNEXT – China’s Xiamen King Long United Automotive Industry Co. Ltd has signed a preliminary deal which can pave the way to a bus assembly plant in Sri Lanka, Hambantota International Port Group which is running a port and industrial zone said.

Xiamen King Long United Automotive Industry Co., Ltd., set up in 1988 makes large and medium sized buses, coaches and vans and now exports to 140 countries.

HIPG’s investment promotion team headed by Justin Zhang, General Manager, Port Investment Services and Sri Lanka’s Ambassador to Beijing Palitha Kohona had met King Long officials during a trade mission to China’s Fujian region.

“..[W]e can fully take this good opportunity to further discuss the possibility regarding local assembly factory in HIPG industrial park,” Vice President of King Long Motor Group, Zhang Bin was quoted as saying in a statement.

“With the Hambantota Port being so strategically located, we would be able to reach newer markets in South East Asia .”

Mr. Johnson Liu, Chief Representative of China Merchants Group in Sri Lanka and CEO of HIPG said the collaboration with the Sri Lankan Embassy in China and the efforts by Ambassador Palitha Kohona is an important link in bringing investment to Sri Lanka.

“We are exploring many other avenues in promoting investment and our investment promotion team is working very well with the Sri Lankan Embassy in China,” Johnson Liu, Chief Representative of China Merchants Group in Sri Lanka and CEO of HIPG.

“We believe there is great synergy to be achieved between China and Sri Lanka trade. The Hambantota Industrial Park is being promoted globally and it is our goal to have a vibrant international investor community operating within the zone.”

Kohona was quoted as saying businesses investing in Sri Lanka have tax incentives and could benefit from free trade agreement, preferential trade deals.

“Sri Lanka welcomes Chinese high end manufacturing facilities setting up in Sri Lanka and commend King Long for choosing the Hambantota International Port Group’s Industrial Park to expand its regional footprint,” he said

Kong Long currently has three production locations, the statement said. (Colombo/Sept24/2021)

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