Guangzhou firms scout for investments in Sri Lanka

ECONOMYNEXT – Executives from companies in Guangzhou, the capital of south China’s Guangdong province, are visiting Sri Lanka looking to invest in the island, the Board of Investment said.

Chinese companies expressed interest in internet shopping in Sri Lanka, the manufacture of Vinyl Products, electronics, home appliances and logistics telecommunications services, it said in a statement.

Executives from Chinese enterprises met with Sri Lankan enterprises after at a business forum with the purpose of entering into joint ventures.

Xiao Zhenyu, Director-General of Guangzhou Municipal Commission of Commerce, told the forum that Chinese firms want to do not only trading but invest as well.

“Twenty years ago, Guangzhou was experiencing the same environment like Sri Lanka,” he said.

“The economic development of Guangzhou is considerable. The GDP of Guangzhou is $350 billion, higher than that of many countries. Per capita income is $20,000.”

Guangzhou businessmen have the capacity to invest abroad and have already moved to Malaysia and Singapore, he said.

(COLOMBO, June 16, 2016)

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