Matchmaking sessions for Chinese delegation

By Charumini de Silva

International Business Council (IBC) facilitated a business match making session for a nine-member visiting delegation from Sichuan Province of the People’s Republic of China recently in Colombo.

IBC President Kosala Wickramanayake addressing the gathering said that China has become an important investor in Sri Lanka over the past several years with considerable investments and this year was important for both countries as they mark 60 years of diplomatic relationship.

Noting that China has invested over $ 1.4 billion for the upcoming Colombo Port City project, which would be highly significant for China in its One Belt, One Road – silk road economic maritime belt he insisted that the projects China is considering to partner Sri Lankan Government in turning around the Hambantota Port and the airport would also open great opportunities for Chinese companies to set up business here.

“The opening up of 500 acre Colombo Port City in 2018 would be a great opportunity for investors in the areas of leisure, hotels, transport and housing. Also, the proposed industrial park in the Hambantota port would be a great deal as well for Chinese manufacturing companies to set up their base there to connect easily with the regional countries,” he added.

According to him, Sri Lanka requires 500,000 new houses and this would mean a lot of opportunities for the Chinese housing developers adding that there are three to four Chinese companies already operating in the country.

Furthermore, he said that there are investment opportunities in the areas of transport and power sectors. “There is opportunity for light weight train transportation in Colombo. One project has already been given to Japanese company. The Government is also looking at setting up 500MW LNG power plants in Hambantota and Trincomalee.”

Wickramanayake said the Free Trade Agreement (FTA) the two Governments are negotiating at present would come into a conclusion by the end of this year or early next year, creating more business opportunities for China and Sri Lanka.

Chengdu, which is in the Sichuan province was noted as an important centre for Sri Lanka as 50 of the 500 Fortune companies have based its operations there and is connected via direct flights. He said already there are several leading Chinese companies such as Shangri-La that have commenced operations in Sri Lanka. 

Wickramanayake assured the delegation that the ICB will connect the interested investors with relevant parties in Sri Lanka to facilitate businesses.

Sichuan Economic and Trade Department of China Council to Promote International Trade Sichuan Council and Sichuan Chamber of International Commerce Director Zhou Yichun who led the delegation said they were keen on enhancing the trade and economic relations with Sri Lanka.

It was highlighted that out of the total $ 1.357 billion trade from Sichuan province to the regional countries Sri Lanka trade volume accounted to $ 37.2 million.

Noting that Chengdu is one of China’s fastest growing cities , he said the key trade fairs such as Chendu Automotive fair and Western Trade Fair which takes stage in every two years are becoming very popular and attracts a significant number of with foreign investors from around the world.

Yichun reiterated that they were keen on setting up mutually beneficial enduring cooperation with Sri Lanka. 

The delegation included officials representing companies such as Sichuan Senpu Pipe Co. Ltd., CCPIT Sichuan Council, Hongya Power Generating Equipment to Utilities Ltd., Sichuan Wanma Machinery Co. Ltd., Leshan Chuanggong Machinery Manufacturing Co. Ltd. and Sichuan Atlantic Welding Import & Export Co. Ltd.