Fresh Chinese funding: India’s gain and Sri Lanka’s loss

Thursday, 21 May 2015 00:00 - - {{hitsCtrl.values.hits}}

It was heartening to see how diplomatic, intelligent, mature and statesmen like PM Modi and his team have been in their dealings with China as well as other neighbours. Your newspaper report highlighted the fact that Modi and accompanying Indian business leaders have been able to attract more than $ 22 billion to India through Chinese Investment Projects. Most probably the value of investments committed will be higher by the end of Modi’s tour of China.

As far as political and economic strategies are concerned, Indians have always outsmarted Sri Lankan politicians since 1977. The so-called ‘cunning fox’ went on his Knees to Rajiv Gandhi’s India, while at present a descendent from the same clan along with his team is bowing down to India more than even what Modi would expect from them.

In order to demonstrate our allegiance and gratitude to our closest neighbour, we have humiliated and downgraded Chinese funding, including 100% direct investments from Chinese firms. In order to settle internal political rivalries, unfortunately, our mature, intelligent leaders have foolishly behaved as if there are American, British, Japanese or Indian investors queuing to invest in the local market with massive investment projects that will generate employment and export quality goods and services.

I hope our leaders, policy-makers and opinion makers will realise sooner rather than later, hopefully, even prior to the Parliamentary elections to remove the ‘so-called’ Project Review Bottle Necks (PRBN) and allow approved Chinese and Indian investments to take off. Whether it is China Harbour from China or TATA from India, their investments will only add value to the Sri Lankan economy and help make this island nation a more attractive business centre at no cost to the Government coffers.

I sincerely hope and pray that common sense prevails in the minds of leaders and citizens of Sri Lanka over petty politics, geopolitical fears and servility.

Luxman Siriwardena

Kelaniya