The Ministry of Trade hosted a meeting with representatives from the local tyre manufacturers’ association to discuss strategies for strengthening the domestic tire industry.
Participants focused on reducing the reliance on imported tires to conserve foreign exchange reserves. Despite the availability of locally produced tires, significant amounts of foreign currency are spent on imports, contributing to an oversupply in the market, the association said.
The association proposed implementing restrictions on tire imports to support local manufacturers. In response, a decision was reached to lower the prices of locally produced tires to make them more affordable while maintaining required standards.
The Ministry emphasized the importance of promoting locally made products to strengthen the economy and address challenges related to the country’s dollar reserves. (NewsWire)
