China offers to assist Lanka maximize potential

The Chinese Government today offered to assist Sri Lanka maximize on the potential it has, the Commerce and Industry Ministry said.

The Ministry quoted the Chinese Ambassador to Sri Lanka Yi Xianliang as saying huge investment and business opportunities are of a win-win nature and China would like to assist Sri Lanka to maximize on the great advantages, potentials and? opportunities it has.

He was speaking at the China Zhejiang-Sri Lanka Investment and Trade Symposium at held in Colombo with the participation of the largest business delegation to arrive in Sri Lanka from China.

?Zhejiang is a fast developing province with direct access to shipping and trade similar to Sri Lanka. But what is most important is that the Zhejiang province brings us its widely famous entrepreneurship and business outlook? Rishad Bathiudeen, the Minister of Industry and Commerce said at the event.

Minister Bathiudeen thanked the Chinese government for its investment and development partnering efforts with Sri Lanka through various Chinese institutions including its Banking System.

?I am pleased to say that last year bilateral trade between China and Sri Lanka increased by 16% to $3.5 Billion. Even in January to June this year trade with China totalled $ 1.9 billion. 90% of this were imports from China. What is more important is that China also has a big role in our exports. A?? great amount of raw material imports from China are re-used in Sri Lanka?s exports especially in our world class apparel manufacturing,? he said

Sri Lanka?s exports to China in the first half of this year has increased by a strong 20% in comparison to entire exports to China in 2014 which was only $173 million.

According to the Department of Commerce statistics show that China has come within the first 20 export destinations of Sri Lankan products in 2014. (Colombo Gazette)