Sri Lanka expecting investments from China: PM
ECONOMYNEXT – Sri Lanka is expecting Chinese investments in industry, logistics and real estate, in addition to infrastructure projects funded with debt, Prime Minister Ranil Wickremesinghe said in Switzerland.
Wickremesinghe told reporters in Davos, where he is attending a World Economic Forum, that China has become a global economic power and it was "reaching out" to other areas including the Indian Ocean region.
Chinese funded infrastructure projects including in the Hambantota Port and a Port City and road are going ahead, he said.
"Infrastructure alone is not sufficient. Now were discussing bringing Chinese investments," Wickremesinghe said.
"I think the Chinese government has also decided that some of its manufacturing industries should move out and Sri Lanka seems to be one of the locations for industries to move out.
"We are looking at Chinese participation in logistics hub of Sri Lanka as well as further investments in the real estate sector."
China already owns a container terminal in Colombo and a state connected firm is building a high-rise.
A 1.5 billion US dollar sea reclamation project that will extend Sri Lanka’s capital into the sea which was halted by Wickremesinghe is expected to go ahead in March.
Sri Lanka is also expecting to set up an industrial zone in Hambantota especially for the Chinese, International Trade Minister Malik Samarawickrama said earlier this week. Wickremesinghe is expected to visit China in March, he said.