The Cabinet has approved a proposal by Prime Minister Mahinda Rajapaksa as the Finance Minister to implement a project to manufacture semi-steel and total steel radial tyres for the export market.
Co-cabinet Spokesman Mass Media Minister Keheliya Rambukwella told the weekly Cabinet media briefing held online yesterday, that Shandong Haohua Tire Co. Limited of China has submitted a project proposal to the Board of Investment with the investment of US 300 million for the establishment of a project within the premises of Hambantota international harbour
to manufacture semi-steel and total steel radial tyres for the export market.
The Board of Investment has given its consent for this project as a strategy development project under the Strategic Development Act (Amended No.14 of 2008).
Cabinet approval has been granted to award tax relief as per the provisions under the Strategic Development Act subject to inauguration of the project within a period of 36 months and export at least 80 percent of the total production.
