Sri Lanka Reportedly Readying for an Increasingly EV World

Beside the proliferation of public charging stations, recent steps by nation's central bank will make it easier to import electric cars to the island in the Indian Ocean.

Published: 05-Jan-2014

The Colombo-based motor vehicle market will quickly turn to electric cars because it’s ‘zero pollution’, says Sampath Marenchige, President of the Vehicle Importers’ Association of Lanka.

At a media briefing in Colombo on Friday, the VIAL head said that the network of ‘charging points’ for fully electric cars too are fast expanding in the island and the country will benefit in numerous ways due to this notable change in the motor vehicles market.

“The market for electric motor cars in Sri Lanka will also increase in unprecedented proportions this year,” added Merenchige.

According to him, the import of fully electric vehicles would become the latest trend in year 2014, which would be a significant development in the local car market.

VIAL, said to be the largest vehicle importers’ organisation in the country with a membership of over 280 companies island-wide, was holding the media briefing to praise the recent decision by Central Bank Governor Ajith Nivard Cabraal to withdraw 100 per cent cash margin requirement when opening bank LCs for importation of motor vehicles.

Merenchige pointed out that the 100 per cent cash margin requirement had discouraged small scale vehicle importers causing increase in motor vehicle prices.

"We thank the Governor for taking this farsighted action. The New Year will therefore be a very good one for both the (vehicle) importer and the buyer," added Merenchige.

Elaborating on the probable boost in the electric car market, Merenchige noted how the electric vehicles production was totally crushed by the giant global oil industry a few decades ago and pointed out that the recent boost in electric cars production is due to the influence of various environmental groups world over.

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