China contributed almost USD 10 billion to Lanka

Yi XianliangChina has contributed almost USD 10 billion to Sri Lanka so far, China’s Ambassador to Sri Lanka Yi Xianliang said today.

“Sri Lanka being located in the middle of Indian Ocean does not mean there is (special) investment advantage. There are other coastal countries in this region at the same time having same advantages as Sri Lanka. But China still attaches importance on the China-Sri Lanka cooperation,” he said.

Ambassador Xianliang was addressing the inauguration event of the first China Product Expo in Colombo.

The Ambassador said that Chinese financial contributions to Sri Lanka is important as it has a positive impact on the development of the country.

China became the topmost global investor in Sri Lanka by Y2013 and according to BoI data, in 2013 China had 24 investment projects valued at $239 Mn as cumulative ‘realized’ investment.

Sri Lanka’s Minister of Industry and Commerce Rishad Bathiudeen said that China is Sri Lanka’s second largest product supplier and bilateral trade between China and Sri Lanka has also been growing steadily.

“By last year trade with China have almost doubled from 2009 volumes. Also in 2014, our exports to China almost tripled from 2009 levels. According to the Department of Commerce under me, latest  statistics  show  that  China  has  come within the first  20  export   destinations  of Sri Lankan  products  in 2014,” Minister Bathiudeen said.

He said that exports to China in the first half of this year has increased by a strong 20 percent in comparison to entire exports to China in 2014 which was only $173 million.

He said that Sri Lanka is not only a South Asian market for China but is a great off-shore assembly hub for Chinese and Far Eastern manufacturers.

The Minister also invited Chinese manufacturers and industries to invest and partner with Sri Lanka. (Colombo Gazette)

3 COMMENTS

  1. Being the large investor for the capitalism to succeed in the island is a big responsibility taken by the power to make the businessman realize the potential of billions of incoming dollars for the infra and structure in the developmental planning stages while the banking system is holding the rate stability for the resurgence of the economic values that will make the fishing popular among the local youth and classmates of the men.

  2. OK, and how much of this is now in bank accounts in the Middle East and elsewhere? IF you or anyone want to assist, you should do so without dealing with corrupt VIPs and also do so without such a song and dance.

  3. Yes, China has been a great friend of Sri Lanka through out the history running in to centuries. It’s financial aid as mentioned has been colossal compared to what we got from other countries. But unfortunately a major part of that went in to VVIPs and their cronies in the recent past.China is not responsible for that is internal mismanagement.

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