01st June 2010, www.lankabusinessonline.com
A visiting Chinese business delegation is considering setting up a tractor assembly plant in Sri Lanka to meet the demand for the machines from the island's farmers, the investment promotion agency said.
A six-member delegation from Chengdu City, in China's Sichuan Province, held talks with the Board of Investment to explore areas of economic co-operation and investment, the BOI said in a statement.
The delegation included senior Chinese officials in the agriculture machinery and health sectors.
"The Chinese delegation's main interest was to look at the possibility of starting an assembly plant for two-wheel and four-wheel tractors, a developed industry of Chengdu," it said.
"It is estimated that Sri Lanka's annual demand is for 3,500 four-wheel and 5-6,000 two-wheel tractors."
The BOI briefed the Chinese visitors on Sri Lanka's economic climate and the Board's incentives and facilitation.
The BOI provides tax holidays and enables investors to get other incentives like duty free imports of raw material and machinery.
Also present at the meeting was Nihal Wadugodapitiya, Managing Director of the Jinasena Group, a big manufacturer of agricultural machinery.
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