Measures will be taken to reduce the import taxes levied on vehicle spare parts required for new production sectors to incentivize entrepreneurs in automobile industries engaged in vehicle repairing and vehicle assembly, Prime Minister Mahinda Rajapaksa said in parliament today.

During the budget speech today (17), the premier noted that, the value of vehicles imported utilizing foreign exchange during the last 5 years has amounted to around USD 5,318 million which is significant in that it is equivalent to around 21 percent of the amount of debt borrowed during that period.

Further, the Prime Minister also proposed to develop railway compartment production as a domestic industry.