Chinese companies have completed over US$ 15 billion infrastructure projects in Sri Lanka as at end 2017 – Chinese envoy
China’s Ambassador to Sri Lanka Cheng Xueyuan has reportedly said that as of end of 2017, Chinese companies have completed over US$ 15 billion infrastructure projects in Sri Lanka. These projects are in the fields of transportation, water, electricity, ports and other fields.
The Ambassador has said the Chinese have made great contributions to the economic and social development of this country.
China has reportedly expressed stronger commitment to help Sri Lanka realise its goal to become a prosperous country, allaying fears over growing engagement and stating it has to do with gratitude and cooperation, and not ulterior motives.
“China and Sri Lanka have strong complementarities, and the potential for cooperation is still waiting to be explored. With concrete efforts and under the guidance of our leaders, I am fully confident that in the new era of our bilateral relations, we will certainly gain the success of joint construction of BRI in Sri Lanka, and embrace the Sri Lankan dream of a prosperous country and a happy people,” Ambassador Cheng Xueyuan has been quoted as saying in the local media.
According to reports, the assurance by China has been made at a symposium titled ‘From Millennium to the New Era: Jointly Build the Belt and Road and Embrace the Sri Lanka Dream’, held at the Chinese Embassy with Development Strategies and International Trade Minister Malik Samarawickrema as the Chief Guest.
Leading Chinese investors CMPort and China Harbour Engineering, academics, heads of policy think-tanks and media had also been present at the event.
In response to questions from the media, the Chinese Ambassador has reportedly denied that China was leading Sri Lanka into a massive debt trap via its financing, saying interest rates were mutually beneficial and had taken into consideration Sri Lanka’s repayment capacity. He has said that the majority of Chinese loans were at concessionary rates, and those carrying commercial rates were based on the then-prevalent market dynamics.
Local media reports state that Ambassador Cheng has also highlighted some of the significant progress in bilateral cooperation. Among them were the completion of the Norochcholai Power Station and the Katunayake Expressway.
The Colombo International Container Terminal, a Sino-SL joint venture which became one of the fastest growing container terminals in the world, was also emphasised. The newly-completed Moragahakanda Project, which is the biggest reservoir in Sri Lanka has brought great benefits to local agriculture and people, the Ambassador has said.
“The Section-I of the Southern Railway and the extension of the Southern Expressway are going to be completed and opened, which will give a strong impetus to southern region development,” Cheng has added.
The Ambassador has also highlighted the on-going Colombo Port City development and the Hambantota Port and Industrial Park.
OSL take:
The Chinese Ambassador to Sri Lanka has stated that as at end of 2017 Chinese companies have invested around US$ 15 billion in projects in the island nation. Also, the ongoing Chinese funded projects in Sri Lanka indicates more investment opportunities for more Chinese companies to enter into the country as well as other foreign companies.
| Article Code : | VBS/AT/30052018/Z_7 |