Chinese firm expresses interests to set up Intl. Gem and Jewelry Exchange in Colombo
Daily FT: State Minister of Investment Promotion Dilum Amunugama’s recent visit to China has resulted in the due attention of the major players in the Chinese business fraternity.
The CZK Harui Economy and Trade Development (Beijing) Ltd., held initial discussions during the Minister’s visit to China and within a few weeks the representatives of the company visited Colombo to meet Sri Lanka’s Board of Investment (BOI) officials.
During the meeting, the representative of the company came up with a proposal for the International Gem and Jewelry Exchange at the Colombo Fort City Centre.
Minister Amunugama had emphasized that this immediate response is not only business opportunities we have offered but also the solidarity between the two countries maintained for so many years and shows sincere concern for the Chinese Government’s support of Sri Lanka. The International Gem and jewelry Centre not only serves the gem and jewelry sector but it will bring more business travelers to the country, and directly impact the tourism sector as well, the Minster further added.
The representative of the CZK Harui Economy and Trade Development (Beijing) Company Ltd., seeks further investment opportunities in sectors such as new renewable energy projects in solar power generation and storage with the idea of introducing a new brand solar taxi system to Sri Lanka with technology transfer for training and developing the Sri Lankan youth. The company also agreed to provide further communication opportunities to develop a strategic partnership, institute under the Ministry of Investment Promotion by creating a Sri Lanka e-commerce Matrix Pavilion with a captured company database for branding Sri Lanka as a new emerging business destination to the Chinese investors amidst expected new investment laws and business ecosystem.
OSL take:
Sri Lanka and China enjoy strong bilateral, trade and business ties with China even placing Sri Lanka prominently in its Belt and Road Initiative (BRI). This has resilience in many Chinese businesses entering Sri Lanka’s economy while the Chinese government plays a key role in Sri Lanka’s development programmed as one of the main development partners. Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country present an attractive venue for foreign businesses to set up base to engage with other countries in the region using the benefits enjoyed by Sri Lanka with those countries. Given Sri Lanka’s economic resilience and the ongoing economic activities that indicate a steady growth in the coming years, Chinese businesses/investors could confidently explore the growing opportunities in Sri Lanka. Like some Chinese businesses, more Chinese businesses could explore the possibilities of forming partnerships or joint ventures with local businesses with the aim of further expansion locally and internationally.
| Article Code : | VBS/AT/20231010/Z_6 |