'Transport industry showing significant growth'
Indunil HEWAGE
The local transport industry is showing a significant growth rate at
present with increased economic activities. Recovery of the economy and
the increasing income level of people has increased the number of
vehicle registrations and imports in the country.
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A foreign participant at the Automobile, Maintenance, Parts
and Accessories, Fabric and Textile Machinery Expo 2011.
Picture by Ruwan de Silva |
The motor industry is also expected to register an impressive growth
rate in 2011.
Speaking at the Sri Lanka Automobile, Maintenance, Parts and
Accessories, Fabric and Textile Machinery Expo 2011, Ceylon Motor
Traders Association Chairman Thilak Gunasekara said the income level of
the people has increased and this signifies a promising future for the
motor industry in Sri Lanka.
The transport sector recorded a 11.4 percent growth in 2010 compared
to 6.3 percent growth in 2009.This is the highest growth recorded by the
sector during the last three years.
In 2010, value of vehicle imports recorded Rs 37 billion in 2009 to
Rs 117 billion in 2010, reflecting a growth rate of 216 percent. India
continues to dominate the Sri Lankan market for vehicle imports
accounting for 50 percent of the import value. Japan has remained
resilient maintaining 30 percent of market value facing challenges from
other countries.
The number of vehicle registrations has increased significantly
during the last two years. The number of motorcars, buses, three
wheelers and motorcycles registered recorded 300, 237,129 and 54 percent
growth respectively during the year 2010 indicating a 76 percent growth
over 2009.
The Sri Lanka Automobile, Maintenance, Parts and Accessories, Fabric
and Textile Machinery Expo 2011 commenced yesterday at the Sri Lanka
Exhibition and Convention Centre in Colombo. The exhibition will be held
from June 23-25, by showcasing different equipment and technologies such
as high tech automobiles, fancy auto spare parts, well equipped textiles
machinery, high quality garments and accessories.
The exhibition consists of different foreign and local pavilions and
exhibitors coming from India, China, Thailand, Germany, Malaysia Taiwan
and Sri Lanka.
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