Carmart to diversify business

Anjana Samarasinghe

Carmart Limited, the sole agents for Peugeot and Mazda in Sri Lanka will diversify into the agricultural, construction equipment and machinery business sectors to expand operations.

Managing Director Carmart Limited Senake D. Amerasinghe told Daily News Business that with government encouragement there will be a huge boost in the local agricultural sector.

The Eastern part of the country will contribute much to develop the agricultural sector. Soon after the war ends the agricultural sector will be the main income generator in the North.

“We are confident that the war will end soon and it is important for us to gear ourselves to explore the opportunities in potential areas,” he said.

“There will be a huge growth potential in the local agricultural sector. There will be demand for agricultural equipment and machinery in Sri Lanka. With our expertise in motor engineering we feel it is important to diversify into agricultural equipment and machinery business,” he said.

As an initial step the Company hopes to market four-wheeler tractors in Sri Lanka.

Subsequently, the company will introduce the latest machinery and other equipment for the local market.

“At present we are negotiating with foreign partners and hope to venture into this sector this year.

“The construction industry is another lucrative sector for Carmart to diversify. Soon after the war there will be a huge boom in the construction industry as there will be more infrastructure development and construction projects in the country,” he said. The Company is also planning to import small cars to Sri Lanka.

“With the high taxes imposed on luxury cars in Sri Lanka the demand for small cars has increased. Today the small car market is highly competitive in Sri Lanka and we need to compete in price and quality”, he said.

Carmart will also explore the possibility of assembling small cars in Sri Lanka in the future.