Sri Lanka-China investment forum concludes in Shanghai
The Morning: The Sri Lanka China Investment Promotion Forum 2023 was held in Shanghai on 5 September. Representing Sri Lanka, State Minister of Investment Promotion Dilum Amunugama participated in the event.
At the forum, enterprises from various industries in China enthusiastically reached investment intentions in related fields – including medicine, solar power generation, wind energy, fisheries, infrastructure, and so on – with a signed amount of $ 100 million.
The China Representative Office of the Ministry of Investment Promotion of Sri Lanka was inaugurated on the same day. According to reports, Sri Lanka’s key investment areas involve pharmaceuticals, clothing, textiles and accessories, electrical and electronics, rubber, automobile components, medical equipment, machinery and electrical appliances, mineral processing, and other manufacturing industries; renewable energy, comprehensive hazardous waste, logistics centers, hospitals, and other infrastructure; and information technology, hotels and tourism, education, and services such as breeding. There are also agricultural projects such as processed food, fish and seafood, spices and concentrates, and fruits and vegetables. The minimum entry threshold for foreign investment is $ 250,000, which provides incentives for financial measures such as corporate income tax and tariff exemption.
It is reported that Sri Lanka has taken multiple measures to establish regional logistics centers and promote the development of tourism. In the next few years, Sri Lanka will accelerate the development of the digital economy.
Sri Lanka and China share strong bilateral and trade ties. These ties will be further enhanced by the free trade agreement (FTA) being negotiated between the two countries. China is also a key development/investment partner of Sri Lanka with many ongoing investment/development projects. With Sri Lanka’s economy once again on the growth path, there is an expansion in economic activities as well. Sri Lanka is also working towards becoming an emerging business destination in the South Asian region supported by the country’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country have also helped boost the business/investment opportunities in the country. Given the growth and business potential in the country, Chinese businesses/investors could confidently explore the expanding opportunities in all key economic sectors in Sri Lanka. Chinese businesses could also look at forming partnerships or joint ventures with local businesses with the aim of expansion and vice versa.
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