China Merchants Group investment in Sri Lanka reaches $ 2 b

Tuesday, 2 May 2023 01:25 -     - {{hitsCtrl.values.hits}}


Signing of agreements for new projects at the Hambantota International Port

China Merchants Group Chairman Miao Jianmin planting a mee tree at Hambantota International Port. This tree is of high ayurvedic medicinal value

China’s largest diversified conglomerate, China Merchants Group (CMG) Chairman Miao Jianmin who was on a visit to Sri Lanka said its latest investment plans will up its accumulated investments to reach nearly $ 2 billion.

Marking his first visit to Sri Lanka, Jianmin attended a signing and ribbon cutting ceremony held at the Hambantota International Port for 15 projects.

The China Merchants Group which entered the Sri Lankan market in 2008, accumulated a total investment of $ 1.68 billion as at the beginning of 2023. The group has just signed another investment agreement with the Sri Lankan Government, with plans to invest $ 400 million to build a modern logistics centre in Colombo. The new development will up CMG’s accumulated investment in Sri Lanka to reach over $ 2 billion, making it the largest foreign investment enterprise in Sri Lanka.

 “On this fertile land, we will write an extraordinary chapter together, and promote Hambantota Port to move forward and become a new bright spot and driving force in Sri Lanka and the Indian Ocean,” CMG Chairman Jianmin said.

The project signing event held at the Hambantota Maritime Centre Sky Lounge, included MoUs, commercial agreements, office lease and land lease agreements. The partnering organisations present were Bhathiya Trading Company, COSCO Shipping Lines Lanka, Shipload Maritime, United Life Supermarket, HXZA Lanka International, Lu Fortune Investment, China State Construction Engineering Corporation, Sinopec Fuel Oil Lanka Ltd., and Inchcape Mackinnon Mackenzie Shipping.

Expressing full confidence in the development of Hambantota International Port, Chairman Jianmin said that CMG will continue to increase investments in Sri Lanka and establish extensive cooperation with everyone. The China Merchants Group brings to Sri Lanka, their rich experience in port and park management coupled with advanced technology. The group plans to build Hambantota International Port into an important logistics centre and industrial base on the island as well as the Indian Ocean region.

With a 150-year history, the China Merchants Group is a diversified conglomerate with key business areas focused on transportation and logistics, comprehensive finance, urban and park development. The group’s most recent interests include emerging industries such as healthcare and testing.

In addition to the signings, HIP celebrated three projects in the industrial park that have reached completion. A ribbon cutting ceremony was held for the completed phase I of the INSEE Warehouse by Siam City Cement, the covered bonded warehousing facility by Hambantota Port and Logistics Services and the plug-and-play, park-in-park facility by Shenzhen Xinji Group.

The event also marked the commencement of Phase II of the INSEE Warehouse by Siam City Cement (Lanka) Ltd., as well as the state-of-the-art yacht building facility by SeaHorse Yachts Ltd.

CMG Vice Presidents Deng Renjie, and Feng Boming and CMG subsidiary and HIPG’s Global Partner CMPort CEO Wang Xiufeng, were present at the event. HIPG CEO Johnson Liu, HIPS CEO Ravi Jayawickreme were also in attendance.