Chinese multinational conglomerate to enter Sri Lanka with an investment of over Rs. 2.3 billion
The Sri Lankan media has reported that a Chinese multinational conglomerate, Tiens Group has reportedly announced that they are ready to enter Sri Lanka with a minimum investment of over Rs. 2.3 billion or Chinese Renminbi (Yuan) 10 million.
Accordingly Chinese billionaire businessman Li Jinyuan, founder and head of Tiens Group had told reporters that the group is in a major business expansion drive under the company’s flagship initiative ‘One body-Multiple wings’ and highlighted that his company is looking at the Iranawila golf course and wellness hotel project investment positively, the local media report stated.
Reports also note that Jinyuan had expressed his optimism in Sri Lanka’s potential for massive development after seeing the rapid modernization in Colombo and suburbs during his recent visit to the country further disclosing that almost 8 years had passed since his previous visit to Sri Lanka.
Tiens founder Jinyuan had told reporters that he met Sri Lanka’s Prime Minister Ranil Wickremesinghe during his visit to Sri Lanka and the meeting went very well.
Accordingly, Tiens Group has introduced nine sectors of developing platforms to the business, in parallel with Sri Lanka’s developing path, Tiens will expand the business in tourism, finance, great health industry (Tai JiShen), international hotel alliance, real estate and pharmaceutical industry, media reports further state.
Tiens is reportedly entering into Sri Lanka’s online market in a big way through local franchise holder Richy (Lanka) Trading (Pvt) Ltd venturing into e-commerce business, whilst company is also exploring the possibility of building a large production base in the country, which will introduce China’s quality healthcare products, and cooperate with local universities and research institutes to set up research and development centres to produce suitable products
OSL take:
The statement by the Chinese multinational conglomerate, Tiens Group about the move to invest billions of rupees in Sri Lanka in several key sectors is indicative of the high levels of confidence of the international community on the island nation. Trade and business partnerships between China and Sri Lanka have been on a continuous growth path and there have been many Chinese investments in Sri Lanka through the formation of joint ventures. Other foreign businesses/investors could follow suit and explore business opportunities in Sri Lanka. Also, they could look at using Sri Lanka as the platform to do business with China.
| Article Code : | VBS/AT/02082018/Z_1 |