Chinese provinces may invest in Sri Lanka

Last Updated: Thursday, August 16, 2012 - 20:18

Colombo: Chinese provincial governments may invest in Sri Lanka`s post conflict development, Chinese Ambassador Wu Jianghao said on Thursday.

The Ambassador said that with the end of the internal conflict in Sri Lanka, the country is going through obvious development and that the Chinese local governments are also interested in visiting Sri Lanka in order to look for business opportunities.

"We will actively encourage Chinese enterprises to visit Sri Lanka and invest and do business. Except state-owned companies which are already in Sri Lanka, we will further promote Chinese small and medium enterprises as well as the private sector to come to Sri Lanka to look for opportunities", Jianghao said addressing the Sri Lanka-China Business Council here.

China is Sri Lanka`s largest lender providing almost 25 percent of the island`s foreign borrowings in 2011.

China is to invest USD 1 billion into a 500-room hotel by the Hong Kong-based Shangri la which is the largest single investment in Sri Lanka`s post conflict tourism conflict tourism surge.

A USD 450 million project to enhance the port of Colombo`s cargo handling capacity, another USD 1.5 billion towards infrastructure development and the ongoing sea and airport projects in the island`s deep south are the other leading China-funded ventures in the island.

PTI



First Published: Thursday, August 16, 2012 - 20:18

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