Malik says Sino-Lanka ties “excellent” and more investments coming

Thursday, 24 May 2018 00:00 - - {{hitsCtrl.values.hits}}

Development Strategies and International Trade Malik Samarawickrama yesterday described Sino-Lanka ties as “excellent” and revealed more Chinese investments are coming.

He said that the Board of Investments recently signed an agreement enabling a Chinese company to invest $ 700 million into setting up a 400 MW LNG power plant in Hambantota.

The BOI has also received applications to establish a cement plant as well as steel-based and rubber-based industries in Hambantota, and the Minister said it is hoped that agreements would be signed within the next 2-3 months.

Samarawickrama also said that the Government is looking forward to greater engagement with China’s Belt and Road Initiative, which will enhance socio-economic development in Sri Lanka. He said that Sri Lanka is well aware that China will become the world’s biggest economy in the near future. “I don’t think anyone can stop that happening, and working with China will only help, us which is why we are negotiating a Free Trade Agreement with China,” said Minister Samarawickrama, expressing hope that a mutually beneficial FTA can be concluded within a year.

“China is sincerely looking at helping to boost the economy of Sri Lanka,” he added.