Published On: Wed, Aug 2nd, 2017

China is ranked fifth in the list of investments in Sri Lanka

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China has become a major nation that provides assistance and investment to Sri Lanka. Minister of Industry and Commerce Rishad Bathiudeen states that Chinese investments in Sri Lanka are increasing in addition to the large scale investments such as the Colombo Port City and Hambantota harbor investments. Sri Lanka has become a milestone in the concept of one-China-One Belt One Road, the minister said.

Minister said this addressing an investment conference in China from the Sri Lanka Construction Industry in Colombo on August 1.

The Chinese Ambassador to Sri Lanka Yi Xiangling, Yi Xianling, also attended the event.

China is the fifth-ranked list of top 10 countries that granted private foreign investment (FDI) to Sri Lanka in 2016. The Chinese firm has invested US $ 52 million in that year, said Industry and Commerce Minister Rishad Bathiudeen.

Speaking at the conference, Chinese Ambassador Yi Zianging said that some parties have wrongly expressed their views on the Hambantota Port Agreement signed recently.

“This agreement can be a misleading idea of ​​a strategic or military plan in China, which is a totally untrue one, only a simple commercial agreement between the China Merchant Shipping Corporation and Sri Lanka Ports Authority. The thought is ineffective: it is meaningful in the establishment of a manufacturing industry in the surrounding areas and flies out of that harbor I have earlier stated to the Prime Minister of Sri Lanka that if an industrial zone is established in the Hambantota harbor, it can be supported by the Chinese Government, bilateral trade between China and Sri Lanka is around US $ 4.2 billion in 2016. Currently, bilateral trade between the two countries The US currency is used not by the Chinese currency, Yuan (Renminbi) If the trade and commercial transactions and imports are used, then between the two countries, we can grow $ 4.2 billion. “Therefore, I propose to use Sri Lanka’s bilateral Yuan currency for the bilateral Yuan currency unit.”

The Chinese companies who are currently not purchasing goods from Sri Lanka can also witness the rapid growth of bilateral trade and investment opportunities between the two countries. He stressed that countries such as Vietnam already deal with China and succeeded in doing business with China.

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China is ranked fifth in the list of investments in Sri Lanka