Sri Lanka and China continue discussion on trade and financial cooperation
Sri Lanka and China continue discussion on trade and financial cooperation

Sri Lanka and China continue discussion on trade and financial cooperation

The Acting Ambassador for China in Sri Lanka Hu Wei has reportedly met with Sri Lanka’s State Minister of Money and Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal and the Governor of Central Bank of Sri Lanka (CBSL) Professor W. D. Lakshman at the country’s Finance Ministry recently.

According to local media reports, discussions were held on the next steps to be taken in relation to the financial instruments to be implemented as identified at the recent high-level talks between Yang Jiechi, the Politburo Member and Director of the Central Foreign Affairs Commission of the Chinese Communist Party and Sri Lanka’s President Gotabaya Rajapaksa and Prime Minister Mahinda Rajapaksa.

The high powered Chinese delegationled by Jiechi, during a meeting with President Rajapaks had assured that China would continue its assistance to Sri Lanka to achieve success in its development drive.

A few days after Jiechi’s visit to Sri Lanka, China announced that it was providing a US$ 90 million grant to Sri Lanka.

OSL take:

Sri Lanka and China have further strengthened bilateral and ties following a high powered Chinese delegation that visited the island nation earlier this month. China has placed much prominence in Sri Lanka given the island’s positioning in China’s Belt and Road Initiative (BRI). China is also a key development partner of Sri Lanka. Sri Lanka’s geographical positioning in the Indian Ocean, ease of doing business environment 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. Chinese businesses/investors could confidently explore business/investment opportunities in Sri Lanka and vice versa. Also, foreign businesses keen on doing business with China could set up base in Sri Lanka to engage with China. 

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Article Code : VBS/AT/21102020/Z_2

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