Bank of China to Sri Lanka is an important step in building a stronger economy
Sri Lankan Prime Minister says entry of Bank of China to Sri Lanka is an important step in building a stronger economy

Sri Lankan Prime Minister says entry of Bank of China to Sri Lanka is an important step in building a stronger economy

Prime Minister of Sri Lanka Ranil Wickremesinghe has reportedly said that the entry of Bank of China, which isthe world’s fourth largest bank with US$ 2.7 trillion assets, to Sri Lanka is another important step in building a stronger economy.
“It (the entry) shows that in the last three years we have been successful and in that we have got one of the largest banks in the world, Bank of China, to come to Sri Lanka and to commence,” the Prime Minister has been quoted as saying in the media at the launch of Bank of China.
Wickremesinghe has also described Bank of China’s entry as a new chapter in the modern economic history of Sri Lanka and China.
“Certainly the bank of China has an important role to play for the making of financial enterprises available to Sri Lanka and by bringing as much Chinese investments to Sri Lanka,” the Premier has said, adding that it marked the beginning of another long relationship that would ensure the growth of the Bank of China and more so the growth of a strong economy for Sri Lanka.
“The modern economic relationship between our two countries we started with the Rubber-Rice Pact and it has now come to our common understanding of the One Belt initiative proposed by China and the hub of the Indian Ocean proposed by Sri Lanka,” the Prime Minister has further noted.
Wickremesinghe has said the government in the last three years took major measures to ensure that Sri Lanka’s economy developed and became strong.
“What we have done is stabilise the economy bringing in new laws, in opening up foreign investment is wholly impressive. We started the process of becoming the hub of the Indian Ocean, expanding and developing the nation,” he has added.
Referring to Chinese investments in the Port City as well as the Hambantota Port, the Prime Minister has said these were just the beginning of a larger area of economic cooperation. He also mentioned about the impending free trade agreement (FTA) with China.
Meanwhile, Bank of China Chairman, Wang Xiquan has said at the same event that the opening of Bank of China Colombo branch will mark the beginning of a new era for the Chinese financial industry to serve the important country of Sri Lanka.
“It is a new milestone in Sino-Lanka cooperation,” he has said.
The Chairman has said the Bank would use the opening of its branch in Colombo as an opportunity to closely focus on the overall strategic cooperation between China and Sri Lanka and fully support the implementation of key projects between the two countries.
Once opened in Sri Lanka, the Bank will provide comprehensive financial services for local economic development and market prosperity, assisting more Chinese companies and investors to enter the Sri Lankan market and using financial strength to set up a bridge for cross-border trade between the two countries.

OSL take:

The opening of Bank of China in Colombo would further enhance the existing strong bilateral and trade ties between Sri Lanka and China. The words expressed by the Sri Lankan Prime Minister and the Chinese Bank Chairman are indicative of the ties between the two countries and the desire of both parties to strengthen their development partnership. The presence of Bank of China in Colombo would enable the easy access to finance for Chinese as well as other companies doing business with China in Sri Lanka.

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Article Code : VBS/AT/05042018/Z_3

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