Tuesday Apr 23, 2024
Tuesday Apr 23, 2024
Friday, 24 September 2021 01:37 - - {{hitsCtrl.values.hits}}
From left: King Long Motor Group Vice President Zhang Bin, King Long Special Assistant to President Zheng Xiaohu, HIPG General Manager Port Investment Services Justin Zhang and Sri Lanka’s Ambassador to China Dr. Palitha Kohona in Beijing at the signing of the MoU
The Hambantota Inter-national Port Group (HIPG) signed a Memorandum of Understanding (MoU) with Xiamen King Long United Automotive Industry Co., Ltd. (King Long) in Fujian, China, last week.
This is a direct result of the investment promotion in Fujian, led by the Sri Lankan Ambassador in China Dr. Palitha Kohona and HIPG’s investment promotion team headed by Port Investment Services General Manager Justin Zhang.
Established in 1988, Xiamen King Long United Automotive Industry Co. manufactures large and medium sized buses, coaches and vans. With three large manufacturing bases, King Long’s products have been exported to over 140 countries and regions worldwide and is ranked among the top 10 automobile brands in China.
King Long Motor Group Vice President Zhang Bin said: “We can fully take this good opportunity to further discuss the possibility regarding local assembly factory in HIPG Industrial Park. With the Hambantota Port being so strategically located, we would be able to reach newer markets in South East Asia.”
China Merchants Group Chief Representative in Sri Lanka and HIPG CEO Johnson Liu said the collaboration with the Sri Lankan Embassy in China and the efforts by Ambassador Palitha Kohona were an important link in bringing investment to Sri Lanka.
“We are exploring many other avenues in promoting investment and our investment promotion team is working very well with the Sri Lankan Embassy in China. We believe there is great synergy to be achieved between China and Sri Lanka trade. The Hambantota Industrial Park is being promoted globally and it is our goal to have a vibrant international investor community operating within the zone.”
The signing of the MoU took place at the King Long offices in Xiamen city, with the HIPG team and the Sri Lankan Ambassador also attending.
Speaking at the ceremony, the Ambassador said that Sri Lanka and China had maintained stable economic relations with each other and the world. Enterprises investing in Sri Lanka will be able to enjoy multiple tax incentives and the benefits arising from Sri Lanka’s Free Trade Agreements and preferential treatment such as GSP plus.
“Sri Lanka welcomes Chinese high-end manufacturing facilities setting up in Sri Lanka and commends King Long for choosing the Hambantota International Port Group’s Industrial Park to expand its regional footprint. No doubt this strategic partnership will be of great benefit to King Long, HIPG and the Sri Lankan economy.”
