Chinese private sector business chamber with 4.2 million member companies exploring investment opportunities in Sri Lanka
A top Chinese private sector business chamber with 4.2 million member companies has reportedly visited Sri Lanka’s Board of Investments (BOI) and has expressed interest in exploring investment opportunities in the island nation. The representatives have also expressed interest in the opportunities in the Hambantota industrial park as well.
The Hambantota port is being jointly managed by a Chinese state firm and so far most investments in Sri Lanka have been from Chinese firms.
“This delegation consists mainly of private sector companies and this is very significant as private companies in China now surpass State enterprises,” Wang Yanguo, Chairman of China International Chamber of Commerce for the Private Sector (CICCPS) has been quoted as saying.
“There are now 27 million private Chinese companies.”
After opening the economy 40 years, the private sector is now leading the country they now contribute 62-pct of gross domestic product of China, Yanguo had said.
“Employment by private companies is now 85 percent of the workforce,” a press statement has quoted him as saying.
“International investment by Chinese private companies is more than 62 percent of China’s investment overseas.
“We have also seen a massive growth in the number of patents that has been developed by private sector companies.
“We are therefore confident that Sri Lanka and Chinese business enterprises can work together and I see many opportunities for investment where both sides will benefits from each others’ knowledge and skills.” Yanguo has said.
According to the BOI, from 2005 to 2017, China has emerged as the single largest source of foreign direct investment to Sri Lanka totaling US$ 1.73 billion.
The interest expressed by a private sector Chinese chamber is indicative of the growing interest among financially strong companies to venture into the Sri Lankan market. Sri Lanka with its development agenda has many business opportunities covering many key sectors. Interested foreign businesses could explore opportunities in Sri Lanka and also consider setting up base in Sri Lanka in order to venture in to other countries Sri Lanka is engaged in doing business with.
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