Sri Lanka invites more investments, tourists from China

ECONOMYNEXT- Hi-tech Chinese companies should invest in Sri Lanka and more tourists could also visit the island now that the sector has recovered from a setback from Easter Sunday attacks, State Minister for International Co-operation Susil Premajayantha said.

“Sri Lanka has rich human resource but we need to develop technological know-how and Chinese are ahead in the technological development, they have improved in the field of new and emerging technologies such a nano technology,” he said.

“So, if you start manufacturing facilities here, we will be able to experience those technologies,” he told the visiting Chinese delegation from the Mianyang province.

Sri Lanka maintains the highest literacy rate of 94 percent in the region.

The Chinese Mianyang delegation consisting of 15-representatives of the China Mianyang Association of Commerce and China Mianyang Enterprise Union for Import and Export. It is one of the first delegation to come to Sri Lanka after the elections.

Two memoranda were signed at the event including a Cooperation Framework Agreement between Confederation of Small and Medium Industries (COSMI) and China Mianyang Enterprise Union for Import and Export, and a Strategic Cooperation Agreement between COSMI and Sichuan Yiyang Xuanyu Trading Coperation Limited.

The minister encouraged Chinese investors to start their businesses in Sri Lanka to benefit from the market and free trade access the country has in the region.

“We have very good relationship with our neighboring countries and very good free trade agreements with India and Pakistan. So Chinese entrepreneurs who want to start their manufacturing facilities can export their products through our free trade agreements and access large markets,” Premajayantha said.

Mackie Hashim, Chairman of COSMI said the organization was set up 6 months ago.

“This has been formed mainly to invigorate, assist and develop small and medium industrial segment of the country, which has thoroughly been neglected for some time,” he said.

“With this delegation which has come, it is an opportunity for us to merge Sri Lankan small and medium enterprises with these Chinese chamber visitors for them to know the business prospects we have in Sri Lanka and for our business people to come to know of their interest of having business connections.”

Minister Premajayantha said Sri Lanka was also expecting more Chinese tourists.

“We have recovered from the Easter Sunday attacks, therefore you can pursue your travel agents and other businesses to visit Sri Lanka.”(Colombo/Dec10/2019)