Bank of China records increase in number of Chinese companies setting up regional headquarters in Sri Lanka
Bank of China’s Country’s Manager for Sri Lanka, Chuan Wong has reportedly stated that there were 62 state-owned Chinese companies that had investments or businesses in Sri Lanka and of them 26 had made Sri Lanka their regional headquarters.
“This is why we chose Sri Lanka to be one of our headquarters in South Asia. This branch will also cover Maldives, Bangladesh and Nepal for our business operations,” Wong has been quoted as saying in the local media.
“Given the strategic location and improving macroeconomic outlook and other attractiveness, Sri Lanka has the potential to attract more foreign investments in the future. That also influenced our decision to open a branch in Colombo and set up our regional HQ,” Wong has reportedly told a forum organized by the Sri Lanka-China Business Council of the Ceylon Chamber of Commerce.
The Chinese Embassy’s Minister of Economic and Commercial Office, Yang Zuo Yuan, has state at the forum that in recent years more Chinese companies had decided to invest in Sri Lanka.
“China has become one of the important sources of FDI for Sri Lanka,” he has told the forum.
Yuan has also said the economic boom in China was boosting tourist arrivals to Sri Lanka as well.
The entrance of Bank of China to Sri Lanka due to the many Chinese firms that have set up base in Sri Lanka and the statement by the Chinese envoy that there is an increase in the number of Chinese companies making their South Asian regional headquarters in Sri Lanka is indicative of the growing business and trade ties between Sri Lanka and China. This would provide opportunities for Sri Lankan as well as Chinese companies to engage in business ventures in the two countries. Also, businesses/investors from other foreign countries interested in doing business with China could use Sri Lanka as a launching pad for their Chinese business ventures.
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