Shandong Haohua Tire Co Ltd planned to develop Hambantota Port Ceylon Tire Manufacturing Factory Project, in Hambantota Port, Hambantota, Southern, Sri Lanka. The project covered the construction of a tire factory on 49-hectare area. The annual output of the facility would reach 1.5 million sets of all-steel radial tires and 7.5 million sets of semi-steel radial tires. The total production value was expected to be USD 500 million. The project would promote the Belt & Road Initiative cooperation between Sri Lanka and China, as well as the local economy and employment rate.