ECONOMYNEXT - The Chamber of Construction Industry of Sri Lanka said it is teaming up with a counterpart organization of private builder in China to win business in areas which have so far been dominated by government-to-government deals.
The Chamber of Construction Industry of Sri Lanka said it has signed a memorandum of understanding with China International Construction Association on the sidelines of the International Infrastructure Investment and Construction Forum held in Macau in June.
"China International Construction Association is recognised as the official representative of the industry there," the Sri Lanka construction industry body said in a statement.
"The chamber even had representatives in China's negotiating team for the FTA with Sri Lanka."
The agreement will recognise member firms from both chambers which will establish links to help businesses establish partnerships, facilitate investments and construction projects in the two countries.
It will help both Sri Lanka's government and private sector discover and facilitate investment opportunities in both countries, the chamber said.
China's ambitious Belt and Road Initiative has so far been dominated by sometimes by government-to-government infrastructure projects some which have been controversial, but analysts say there is an underlying expectation that private businesses would soon follow.
Large companies would be the first to make use of the Belt and Road infrastructure, followed by medium and eventually small firms and skilled people.
In Sri Lanka, where loans from China fund large-scale infrastructure projects like the Hambantota Port and Colombo Port City on reclaimed land, and built by Chinese state-enterprises, private companies from the mainland are now moving into establish business relationships in the island. (COLOMBO, 12 June 2018)