Rise Motors chairman Dhammika Perera said that after the ban on the import of motorcycles, local motorcycle assembly companies will enter the motorcycle manufacturing industry and start manufacturing motorcycles under local brands in Sri Lanka within five years.
He said that if the percentage of import tax charged on the import of complete motorcycles can be increased, it will be a great help to uplift the local business.
Under the chairmanship of Dhammika Perera, K.D. Rise Motors Private Ltd is the first electric motorcycle manufacturing company in Sri Lanka with a 55 percent local valuation by making a huge foreign exchange investment.
Rise Motors Pvt. Ltd. is exporting to the domestic market as well as to Europe.
According to Perera, in addition to K.D. Rise, currently a number of leading companies in Sri Lanka have started local motorcycle production. According to the currently effective legal framework, if the Government intervenes to take the percentage of local value addition or local production and addition of spare parts to a target of 25 percent to 75 percent within 5 years, the complete production of motorcycles in this country will not be a dream.
He said that it is a fruition of President Ranil Wickremesinghe’s budget proposals to uplift local auto manufacturers.