Rigid Tyre factory will start operating in January 2021

A new tire plant in Sri Lanka will begin operations in January 2021. The $250 million facility located in the west of the country in the city of Khorana was built by the Rigid Tire Corporation. It will produce passenger radial tires for export and will create about 3,000 jobs in the country.

“This investment sets a good precedent in strengthening Sri Lanka's position as an attractive country for investors from all over the world,” said Nandana Lokuwithana, chairman of the Rigid Tire Corporation.

“We intend to procure all the rubber we need locally, which will empower local rubber producers, create new jobs for thousands of people and, more importantly, the country will benefit from European technology,” added Rigid Tire Corporation CEO Dhammika Lokuvitana ( Dhammika Lokuwithana).

Sri Lanka's Industry Minister Wimal Weerawansa visited the plant last Friday and said the project will help boost the country's export earnings.

The first stage of the plant's creation required an investment of $100 million. The second phase will be completed in March 2022.