China’s private sector which employ 85-pct of workers show interest in Sri Lanka

ECONOMYNEXT – A top Chinese private sector business chamber with 4.2 million member companies had visited Sri Lanka’s investment promotion agency and will also Hambantota industrial parks are due to come up.

Hambantota port is being jointly managed by a Chinese state firm and so far most investments in Sri Lanka has been from Chinese state firms.

"This delegation consists mainly of private sector companies and this is very significant as private companies in China now surpass State enterprises," Wang Yanguo Chairman of China International Chamber of Commerce for the Private Sector (CICCPS) was quoted as saying.

"There are now 27 million Chinese private companies."

After opening the economy 40 years, the private sector is now leading the country they now contribute 62-pct of gross domestic product of China, he had said.

"Employment by private companies is now 85 percent of the workforce," the statement quoted him as saying.

"International investment by Chinese private companies is more than 62 percent of China’s investment overseas.

"We have also seen a massive growth in the number of patents that has been developed by private sector companies.

"We are therefore confident that Sri Lanka and Chinese business enterprises can work together and I see many opportunities for investment where both sides will benefits from each others’ knowledge and skills."

From 2005 to 2017, China has emerged as the single largest source of foreign direct investment to Sri Lanka totaling 1.73 billion US dollars, the BOI said.

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Ajith D Perera Secretary and CEO of the Federation of Chambers of Commerce of Sri Lanka (FCCISL), which has an affiliation with the Chinese chamber said major Sri Lankan projects could be promoted in China through the private sector chamber. (Colombo/Aug31/2018)

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