Ceylon Motor Traders Association (CMTA), one of South Asia’s oldest automotive associations, recently held its 104th Annual General Meeting (AGM). The event was held under the auspices of Chief Guest Mr. Duminda Hulangamuwa, Chairman of the Ceylon Chamber of Commerce. The event was attended by over 140 dignitaries comprising of the government sector, diplomatic missions and private sector
Chief Guest & Keynote Speaker– Duminda Hulangamuwa, Chairman of the Ceylon Chamber of Commerce also addressed the gathering. During this address he stated, “The motor vehicle industry must fundamentally rethink its business strategies. From a policy perspective, it is unlikely that any future government will adopt a liberal approach to issuing permits for vehicle imports on a concessionary basis as was done previously. Additionally, the exchange rate was artificially maintained at a subsidized level, from which we all benefited. This consumption led to the depletion of our reserves, a considerable portion of which was allocated to vehicle imports. Another area of concern was the malpractice of the grey market in the motor vehicle industry as seen recently with the foreign migrant worker scheme for electric vehicles, he stressed the importance of strict regulation and action for those abusing the system.
Mr. Virann de Zoysa, Director AMW Manufacturing was elected as Chairman and Mr. Andrew Perera, Managing Director of Kia Motors Lanka was appointed Senior Vice Chairman and Mr. Lakmal de Silva, General Manager, David Peiris Motor Company was appointed Vice Chairman.
Mr. de Zoysa, addressed the gathering, stating, “Today as the automotive imports sector we find ourselves in the most challenging of circumstances with imports restricted for over 4 years. We maximized government revenue per dollar of import, which reached an average of $1.60 government revenue for every dollar of import by 2017. However, inconsistent policy changes noted in the recent past impacted this contribution negatively changing the sector’s attractiveness to the government & possibly leading to the subsequent import restriction. This is indeed a misstep and something that must be addressed by working together with our stakeholders. I believe supporting government in sustainable policy & regulation is a key focus for CMTA.”
Outgoing Chairman Mr. Charaka Perera, Director / Chief Operating Officer of Stafford Motor Co (Pvt) Ltd, also shared a few words. He said, “The association has been strongly lobbying to regulate the vehicle importers, prior to opening up the market. We have also proposed for vehicles to be subjected to an additional 140% duty, with a 20% quarterly reduction, in the additional duty. This will discourage over-stocking of vehicles for future sales, which will mitigate the forex outflow. During the last two years, CMTA was appointed to several Ministerial and Cabinet Appointed committees, to work on regulations & industry development. As Chairman, I have done my very best over the last two years, to guide the association to face the impending challenges and to sustain CMTA as the voice of the motor industry. I wish CMTA the very best!”
Ceylon Motor Traders Association was established in 1919 and has been at the forefront of Sri Lanka’s automotive industry, which greatly contributes to the countries economy. Furthermore, it has created a platform for employment both locally and overseas. The CMTA is closely affiliated with the Ceylon Chamber of Commerce, and also holds several international accreditations. The association also represents all automotive manufacturers via local agents with the objective of safeguarding the industry and its members.
Photo Caption Pictured (L to R) Mr. Andrew Perera, Senior Vice Chairman on CMTA, Mr. Duminda Hulangamuwa, Chairman, Ceylon Chamber of Commerce, Mr. Virann de Zoysa, Chairman, CMTA and Mr. Charaka Perera, Immediate Former Chairman, CMTA