Sri Lankan Joint Venture Will Establish The Largest Aluminum Profile Processing Plant In South Asia

- Aug 16, 2018-

1.In order to take advantage of the strong demand for aluminum profiles in the Sri Lankan construction industry, the Hawaiian multinational conglomerate Hayleys PLC will soon open an aluminum profile processing plant with an investment of Rs 2 billion. The plant will become the largest aluminum profile processing plant in South Asia after it is put into production, as a result of the upgrade and expansion of a plant owned by the Haili subsidiary Alumex PLC. For the company, the demand for aluminum profiles has increased significantly in recent years, thanks to the corresponding growth in the domestic construction industry.

2.Diplomatic relations continued to deteriorate, and a new round of "retaliation war" came from Tumei. On August 15, the official Turkish Gazette disclosed that President Erdogan had signed a decree to increase the tariffs on passenger cars, alcohol, tobacco and rice imported from the United States by 120%, 140%, 60% and 50% respectively. In addition, tariffs on US cosmetics and coal products were raised. Turkey’s Vice President Fuat Oktay said that according to the principle of reciprocity, Turkey has imposed tariffs on some imported goods in response to the US government’s deliberate attack on the Turkish economy. On Friday, August 10, Trump said that he had authorized the tariff on Turkey to be adjusted to 20% and the tariff on steel to 50%. Prior to this, in response to the high steel and aluminum tariffs imposed by the Trump administration at the end of March, Turkey had taken reprisals to impose import duties on US$1.78 billion of US goods including coal, paper, nuts, whiskey, automobiles and machinery. So far this year, the Turkish lira has depreciated by more than 45%, and the country's stock market has also fallen by more than 17%. At the same time, Turkey's inflation rate has reached 15%.