Sri Lanka says more Chinese investments to enter the island
Chinese envoy in Sri Lanka says more Chinese investments to enter the island

Chinese envoy in Sri Lanka says more Chinese investments to enter the island

Chinese Ambassador to Sri Lanka Qi Zhenhong has reportedly called on Speaker Mahinda Yapa Abeywardena earlier in the week and said that the Chinese government would be investing in many large projects in the country, including the Port City and an automobile assembling plant.
The Ambassador has reportedly informed the Speaker that the government of China hopes to build another tyre factory worth the investment of US$ 600 million in the Matugama area similar to the tyre factory in Hambantota.
He has also stated that work on an automobile assembling plant would commence next year, which would result in a major impetus towards the development of the Sri Lankan economy, local media reports stated.
During the talks, the Chinese Ambassador had also extended an invitation to the Speaker to pay an official visit to the Chinese Parliament, local media reports added.

OSL take:
Sri Lanka and China enjoy strong bilateral and trade ties and the two countries are now in the process of discussing a free trade agreement. Sri Lanka prominently figures in China’s Belt and Road Initiative (BRI) placing much importance on the island. Chinese businesses/investors are therefore able to confidently explore business/investment opportunities in Sri Lanka. Also, Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country have made it a business hub in the South Asian region.

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Article Code : VBS/AT/22122020/Z_4

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