The Ministry of Trade recently convened a meeting with representatives from the local tyre manufacturers’ association to explore strategies for bolstering the domestic tire industry and reducing dependence on imports.
Key Issues Addressed
The discussion centered on conserving foreign exchange reserves by minimizing tire imports, which continue despite the availability of high-quality locally produced options. The association highlighted that excessive imports have led to an oversupply in the market, further straining foreign currency reserves.
Proposed Measures
To support local manufacturers, the association suggested imposing restrictions on tire imports. In turn, local producers agreed to lower the prices of domestically manufactured tires, ensuring affordability without compromising quality standards.
Promoting Economic Stability
The Ministry emphasized the critical role of promoting locally made products in strengthening the economy and addressing the nation’s foreign exchange challenges. By encouraging the use of domestically produced tires, Sri Lanka aims to reduce reliance on imports and foster growth within the local manufacturing sector.
The initiative aligns with broader efforts to prioritize local industries and mitigate the economic impact of declining dollar reserves.
