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| Sunday, 22 December 2002 |
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Export milestone under Indo-Lanka FTA Associated CEAT, the Sri Lanka - India joint venture tyre manufacturer, recorded a significant milestone recently with the flagging off of its 100th container of locally manufactured commercial vehicle tyres to India under the Indo-Lanka Free Trade Agreement (FTA) Eight months since it began exports under the FTA, the company has exported tyres for trucks, buses, light trucks, tractors, tractor trailers and animal drawn vehicles to India to the value of Rs. 150 million. The 100th container was flagged off by the Minister of Commerce and Consumer Affairs Ravi Karunanayake, at a ceremony organised by the company at its Kelaniya plant. Speaking on the occasion Managing Director of CEAT-Kelani Associated Holdings Ramesh Ramanathan said that CEAT's exports under the FTA is a clear example of a local company that has successfully utilised concessions granted under the FTA for growth in its business. CEAT-Kelani Associated Holdings Chairman Chanaka de Silva said: "We anticipate that CEAT's exports will top 3,000 metric tons by the end of the current financial year and that this will have a very positive impact on capacity utilisation of resources of the company. The complete elimination of customs duty under the FTA, expected in January 2003, will further enhance potential." |
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