Sri Lanka receives assurance from China on continued support for the country
The foreign media has reported that China, which accounts for around 13% of Sri Lanka’s external debt, has assured support to Sri Lanka following the latter’s announcement of temporarily suspending repayment.
According to AFP, the Chinese Foreign Ministry Spokesman Zhao Lijian has stated that Sri Lanka’s default would not stop Beijing from lending support to Sri Lanka’s beleaguered economy.
“China has always done its best in providing assistance to Sri Lanka’s economic and social development. We will continue to do so in the future,” AFP quoted him as saying.
Sri Lanka and China enjoy strong bilateral and trade ties with China being one of Sri Lanka’s main development partners. The two countries are also engaged in a dialogue to explore the possibility of signing a free trade agreement (FTA) to further enhance trade ties. A large number of Chinese businesses/investors are currently engaged in Sri Lanka’s development programme. Also, Chinese investments in large scale projects in Sri Lanka are seen in the Colombo Port City project. With Sri Lanka’s geographical positioning in the Indian Ocean and the positioning of the country as a growing business destination have further expanded the country’s business/investment opportunities. Chinese businesses/investors could therefore explore the growing opportunities in Sri Lanka. Also, foreign businesses interested in doing business with China could look at setting up base in Sri Lanka to engage with China.
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