BOI SAYS THEY HAVE SIGNED AGREEMENT FOR VOLKSWAGEN ASSEMBLY PLANT BUT RANIL SAYS Volkswagen has not invested in Kuliyapitiya plant:
Posted on January 6th, 2017

This is a BOI website that boasts about Volkswagen investments in Sri Lanka. BOI even held a sham conference and signed a sham agreement! Now VW has clearly stated they have no investment in Sri Lanka and have not yet planned any.

http://www.investsrilanka.com/news/story/4094/BOI-SIGNS-AGREEMENT-FOR-VOLKSWAGEN-ASSEMBLY-PLANT-SRI-LANKA-ENTERS-THE-ERA-OF-MODERN-AUTOMOBILE-INDUSTRY%E2%80%9D

BOI SIGNS AGREEMENT FOR VOLKSWAGEN ASSEMBLY PLANT – SRI LANKA ENTERS THE ERA OF MODERN AUTOMOBILE INDUSTRY

BOI SIGNS AGREEMENT FOR VOLKSWAGEN ASSEMBLY PLANT – SRI LANKA ENTERS THE ERA OF MODERN AUTOMOBILE INDUSTRY

A ground breaking agreement was signed by the Board of Investment of Sri Lanka with M/s Senok Automobile (Pvt) Ltd and Volkswagen AG to set up in Kuliyapitiya an assembly plant for Volkswagen Automobiles.

The agreement was signed by Mr. Upul Jayasuriya Chairman of BOI and Mr. Noel Selvanayagam, President of Senok Automobile (Pvt) Ltd.

Under this agreement which is a BOI Section 17 agreement, the investor will assemble vehicles in the 1000 cc to 2000 cc category.  These vehicles will be diesel powered and include passenger cars, Sport Utility Vehicles (SUV), Multi Utility Vehicles (MUV) or commercial vehicles.

Initially these vehicles would be marketed locally for a period of 3 years and thereafter the vehicles manufactured will be exported to overseas markets.

There is also a potential for export  vehicles which would be petrol/electric/ hybrid vehicles to be built without the concessions that have been given for assembling diesel vehicles.  The total value of this project will be an investment of US$26.5 million of which 21.5 million will be invested in fixed assets within a period of 24 months.

As Volkswagen is currently the world leader in Automobile manufacture, recently overtaking Toyota of Japan, this project is a very high profile one and a statement about Sri Lanka’s growing attractiveness as a destination for investment.    BOI is very keen to attract other leading automobile manufacturers into the country as the industry creates opportunities for the creation of local component manufacturers that can supply the building of a complex product such as passenger car.  It is estimated that the assembly plant will be operational within a period of 30 months.

Volkswagen is a leading German automobile manufacturer based in Wolfsburg, Germany.   The Company was founded in 1937 and produces cars, trucks and buses.  The company revenue was Euro 197 billion in 2013.  It is best known for Iconic models such as  Beetle, Golf and Passat.

The uniqueness of the project would be the inflows of German advanced automobile technology into the country and creating of job opportunities for the local youth.

 

2 Responses to “BOI SAYS THEY HAVE SIGNED AGREEMENT FOR VOLKSWAGEN ASSEMBLY PLANT BUT RANIL SAYS Volkswagen has not invested in Kuliyapitiya plant:”

  1. Ananda-USA Says:

    This Volkswagen factory, like Champika’s Megalopolis Plan, seems to be a HUGE SCAM to benefit Noel Selvanayagam!

    Sounds like Ranil GREAT CENTRAL BANK ROBBERY to benefit the Mahendrans and the UNP.

    Volkswagen company does not know about it, all cars ‘assembled’ during the first 3 years will be sold in Sri Lanka, the assembly seems to be just joining together large scale car modules and putting the wheels on.

    I predict that this company will vanish after 3 years having got the land transferred tax-free and imported cars for sale locally …. also tax-free!

    The Yamapalanaya is DESPERATE to give the IMPRESSION of rapidly developing the country to influence the upcoming local elections and get the New Constitution and Development (Special Provisions) SUPER MINISTRY Bills, and the ETCA and FTA Bills passed before people wake up to these SCAMS!

    WATCH OUT Patriots, the SCAM-ARTISTES are at it AGAIN!

    They know their days are numbered, and are trying various smoke-and-mirrors QUICK FIXES to FOOL THE VOTERS!

    KICK THEM OUT! SEND THEM HOME!

  2. Dilrook Says:

    Absolutely.

    Now Ranil as usual is trying his foolish tricks to save his reputation. He now says he cancelled VW’s attempted investment as the company was going through a legal battle over false claims! Then why his own BOI (which comes under his purview) headed by a former UNP candidate outright lie?

    Also, why was a large land in Hambantota allocated to an individual well known for fraud for the same factory?

    This level of deception was never seen in Sri Lanka before. It is organised and well coordinated deception the type Joseph Goebbels used.

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