A radial and heavy duty tyre manufacturing plant to be established in Sri Lanka with an investment capital of USD 75 million within four years has received the Cabinet nod.

This factory is to create over 1,000 local job opportunities.

The proposal put forward by Strategic Development and International Trade Minister Malik Samarawickrama to provide facilities through the Sri Lanka Board of Investment (BOI) to an investor willing to set up a factory in the Horana area to produce radial and heavy duty tyres targeting 60 per cent of the products for export, was approved by the Cabinet.