President Ranil Wickremesinghe suggested on Tuesday a potential phased reintroduction of private vehicle imports starting next year. However, local vehicle importers are cautioning that this announcement may not necessarily bring positive outcomes for buyers.
While the relaxation of import restrictions could inject vitality into the stagnant motor sector, importers are voicing apprehensions regarding potential increases in duty structures for imported vehicles.
In January, the government adjusted duty rates, leading to a significant uptick in vehicle import expenses. Despite the prospective allowance for vehicle imports, importers are urging for tempered expectations, suggesting that substantial limitations may persist.
According to a survey conducted by the Vehicle Importers Association of Sri Lanka, local market prices are anticipated to rise in tandem with the resumption of imports.
Addressing a gathering organized by the United Youth Union, President Wickremesinghe disclosed his intention to gradually ease restrictions on private vehicle imports commencing next year.
Additionally, the President highlighted that, except for vehicles, the government has permitted the importation of all other items under the balance of payments.
Initially, priority had been accorded to the promotion of electric vehicles for future imports, owing to the higher carbon emissions from gasoline vehicles and prevalent air pollution in urban areas.
Subsequently, government approval was granted to implement a scheme facilitating permits for the importation of fully electric vehicles, aiming to incentivize expatriate workers to remit their earnings through legal channels.
