Minister Plantation Industries, Naveen Dissanayake said the proposed multi-million dollar Rigid Tyre plant at Horana work is going ahead as planned.
There was no truth in claims that the project was on hold due to directive from the Presidential Secretariat. “They are baseless,” he said.
The project would not only bring in US$ 75 million but it would bring in technology to Sri Lanka and create over 2,500 jobs. “More importantly it would give the message that Sri Lanka is open for international investors,”he said.
The investor of this venture is Nandana Lokuwithana, Chairman of Ceylon Steel Corporation and its member company MA Steel Lanka (Pvt.) Ltd. He is also chairman of Onyx Group in the UAE with a host of diverse companies,one of which is a steel fabrication company. He is also the owner of Marriot Al Jadaf Hotel, Dubai.
The minister also said that the project is not an investment to dump black money as the funding is originating from a reputed bank in United Arab Emirates.Reverting to funding origins, he said a recognized Bank in Dubai sourced by the project investor would ensure its effective completion on schedule.“There is no question of black money,”he said.
Minister Dissanayake also said that local rubber sector too would get a boost since they can get higher prices for rubber from the Rigid Tyre plant at Horana .
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