SIAM to host auto show in Colombo

Society of Indian Automobile Manufacturers is organising Auto Show India, at Colombo from August 18 to 20, with the objective of providing Indian auto players a platform to showcase their products and also develop corporate relations with Sri Lanka.

More than 50 Indian companies will be participating and exhibiting their product including Maruti, Bajaj, Tata, Volvo, Mahindra, Bharat Forge, TVS Ashok Leyland and Auto Components Manufacturers Association, amongst others to tap the emerging Lanka market.

Srilanka is a major importer of automobiles and ancillary products from India. It imports over $ 232 million worth of auto products during the last financial year from India with staggering annual growth of 63 per cent over previous year.

Sri Lanka sold over 1,50,000 two wheelers and 1,40,000 other vehicles in 2004 and its market is growing annually at 50 per cent.

It is one of India's most important vehicle export market and Siam officials say that the combination of high literacy rate (highest in South Asia) which stands at 92 and high quality of life make it an ideal future market for the bulging India automobile manufacturers.

Dulep Chenoy, director general, SIAM, said, "We already enjoy Free Trade Agreement with Sri Lanka and the interaction has been increasing over the years. They are keen on the development of safety and emission norms by India and want to emulate same there. The sea lock country want to harness our expertise to preserve its sensitive environment."

Siam will also be signing an Memorandum of Understanding with Ceylon Motor Traders Association to build bridges for Indian auto industry. Indian automobiles manufacturers are banking on the Sri Lankan on-road vehicle population of over 2.2 million and per capita income of $ 4300 to develop trade opportunities.

Siam is organising the event in association with The Ceylon National Chamber of Industries Colombo and will be held at Bhandarnaike Memorial International Convention Hall, in Colombo.