Sri Lanka lures Chinese investments in apartments, building materials

(EconomyNext) – A Sri Lanka business chamber promoting trade and investment with China said it aims to attract a billion dollars worth of Chinese investments next year when a free trade deal is to be signed.

Already, several investments in real estate and manufacturing are in the pipeline, said Nihal Aluvihare, President of the Sri Lanka China Trade and Investment Promotion Chamber.

A 132-member delegation of representatives of 59 Chinese companies accompanied by six government officials will visit the island next week for talks on trade and investment, he told a news conference.

Several investors who have proposed investing in the island will be among the delegates from Chengdu, in China’s Sichuan Province, the richest province in central and western China, Aluvihare said.

"This trade mission has been arranged for the second year in succession from Chengdu."

The investment projects under discussion include construction of luxury and semi-luxury high-rise apartments worth 200 million US dollars and a 20 million-dollar saline production plant.

Also being negotiated are a 500 million-dollar project to build a hotel in Wattala, a suburb north of the capital Colombo, on private land leased by a chamber member to a Chinese real estate firm.

Another Chinese investor wants to find a local collaborator for a 500 million-dollar project for production of building materials, Aluvihare said.

"In view of the proposed free trade agreement with China that Sri Lanka is to conclude in 2015, our Chamber has set a target of attracting one billion dollars worth of investments from China."
 

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