Arab Today, arab today chinasri lanka economic ties to enter golden era
Last Updated : GMT 05:45:26
Arab Today, arab today
Arab Today, arab today

China-Sri Lanka economic ties to enter golden era

Arab Today, arab today

Arab Today, arab today China-Sri Lanka economic ties to enter golden era

Sri Lanka Executive Director Dr. Saman Kelegama
Colombo - XINHUA

Booming economic and trade relations between China and Sri Lanka is expected to enter a golden era, as the latter is an important participant and major beneficiary of the 21st Century Maritime Silk Road initiative.
The two nations are anticipating more cooperation and closer ties in trade and economy with the upcoming Sri Lanka visit by Chinese President Xi Jinping, who proposed the initiative of the 21st Century Maritime Silk Road last year.
For the Indian Ocean island country that connects sea routes of Asia, Africa and Europe, China has emerged as the largest foreign direct investor, accounting for one fourth of the inflows in 2013, according to Laskshman Abeywardhana, Sri Lankan minister of investment promotion.
Loans and investments from China have played a significant role in Sri Lanka's post-war reconstruction, Abeywardhana said in an interview with Xinhua on the eve of Chinese President Xi's visit.
Direct investment from China is not only contributing to foreign exchange reserve and job creation of the country, but also generating considerable benefits through technology transfer and development, he said.
The minister said projects of 14 Chinese companies registered at the Board of Investment of Sri Lanka has generated more than 2, 500 local jobs.
In Sri Lanka, a number of large projects funded by Chinese enterprises are under construction, as Sri Lankan president Mahinda Rajapaksa has put much efforts in turning the nation into a global maritime logistics center and a world-class harbor and goods distribution center.
Chinese enterprises have undertaken construction of mega infrastructure projects in Sri Lanka, like the Hambantota Port and Colombo South Harbor, which are likely to change the dynamics of the Sri Lankan economy and boost its future development.
During Xi's visit in mid-September, the construction of Norochcholai Coal Power Plant, carried out by China Machinery Engineering Corporation, will be completed after eight years of joint work. The project is expected to meet 45 percent of the total demand of the nation's power grid.
The 21st Maritime Silk Road initiative is expected to attract more foreign investment, especially the Chinese investment, to Sri Lanka, said Abeywardhana.
He also noted that Sri Lanka hopes the proposed Sri Lanka-China Free Trade Agreement (FTA) will help Sri Lanka to gain easier access to the Chinese market and gradually reduce its trade deficit towards the world's second largest economy.
A joint feasibility study on the proposed Sri Lanka-China Free Trade Agreement (FTA) completed in March 2014 concluded that the building of an FTA will bring benefits to both countries.
At a briefing on President Xi's upcoming visit to three South Asian countries of Maldives, Sri Lanka and India from Sept. 14 to 19, China's Assistant Foreign Minister Liu Jianchao said China's relations with Sri Lanka have been healthy and stable since the two established diplomatic ties 57 years ago.
China-Sri Lanka relations have become an example of friendly coexistence and mutually beneficial cooperation between large and small countries, he said.
Over the years, the two countries have maintained frequent exchange of visit by high-level officials, continuously deepened practical cooperation in trade, investment and infrastructure development and expanded cultural and people-to-people exchanges, he added.
China has become Sri Lanka's second largest trade partner and the second largest sources of imports to Sri Lanka.
In 2013, bilateral trade reached 3.62 billion U.S. dollars, and China became Sri Lanka's largest investor, statistics from Sri Lanka showed.
Asanga Abeyagoonasekera, executive director of the Lakshman Kadirgamar Institute of International Relations and Strategic Studies, said the 21st Century Maritime Silk Road initiative has provided favorable opportunities for China and Sri Lanka to further enhance ties.
Abeyagoonasekera said he believes that Sri Lanka can play a major role in the development of the maritime silk road, and the nation is highly expecting Xi's visit, during which more cooperation agreements are likely to be inked to benefit both nations.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today chinasri lanka economic ties to enter golden era Arab Today, arab today chinasri lanka economic ties to enter golden era

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 01:04 2017 Tuesday ,28 February

Nokia 3310 is back — and so is 'Snake'

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday