President opens largest tyre factory in South Asia
President Gotabaya Rajapaksa opened the Ferentino Tyre Corporation PVT Ltd, the largest tyre and radial tyre manufacturing factory in South Asia yesterday (14).
The factory has been set up on a 155-acre land belonging to the BoI Industrial Zone in Wagawatta, Horana. The investment in the first phase is USD 100 million. Manufacturing will be carried out using European technology and state-of-the-art equipment. Special tyres will be manufactured for SUVs while catering to the demand of tyres in the world market for cars, bicycles and three-wheelers.
Eighty percent of the production will be exported and the remaining 20% will be supplied to the local market. The first stock of production will be exported to the US this month.
Promotion of the export market potential of this country, generating a large number of direct and indirect employment opportunities and the ability for local rubber producers to obtain a higher price are some of the benefits of the factory.
The management has recruited qualified women to fill vacancies in technical positions overtaking adopted standards in the industrial sector. The factory is an eco-friendly entity.
Upon arrival at the event, the Chairman of Ferentino Tyre Corporation- (PVT) Ltd Nandana Lokuvithana welcomed President Rajapaksa. After unveiling the plaque, the President inspected the entire manufacturing process at the factory.
During the ceremony, the President presented a memento to Dewmi Yasasmi of Sumanajothi Vidyalaya in Ingiriya who obtained 200 marks at the Grade 5 Scholarship Examination held recently.
The Maha Nayaka of Sri Kalyani Samagri Dhamma Maha Sangha Sabha, Sri Jayawardenepura, Kotte Most Ven.Iththapane Sri DhammalankaraThera and the Maha Sangha, Ministers Wimal Weerawansa, Rohitha Abeygunawardena, Mahinda Amaraweera, Ramesh Pathirana, State Ministers Piyal Nishantha, Kanaka Herath, D. V. Chanaka, MP Sanjeewa Edirimanna, several officials from public and private institutes were among those present.