President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe laying the foundation stone for the Volkswagen motor manufacturing plant

Prime Minister Ranil Wickremesinghe last week laid the foundation stone for the Volkswagen assembly plant in Kuliyapitiya. The facility is slated for completion in two and a half years.

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 job opportunities for the local youth.

According to a statement by the BOI, 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 is an investment of US$26.5 million of which 21.5 million will be invested in fixed assets within a period of 24 months.