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Home Around South Asia Sri Lanka

China funded port project in Southern Sri Lanka to control cost of living

Editor by Editor
July 3, 2017
in Sri Lanka
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Colombo, July 3 (newsin.asia) – A deal to lease Sri Lanka’s southern Hambantota harbour to a Chinese firm will have economy wide benefits, helping boost foreign exchange reserves and relieving pressure on the rupee, Minister of Ports and Shipping Mahinda Samarasinghe said, quoted in an EconomyNext report said here Monday.

The Minister said an agreement with China Merchants Port Holdings to run the Hambantota port should be ready soon with a solution acceptable to both parties being reached after several rounds of talks.

“The importance of these talks is that it will be one of the largest FDIs (foreign direct investments),” Samarasinghe said.

“It is of paramount importance to get them, so we can build international reserves and use it to stabilise the rupee, control cost of living,” Samarasingha added.

The Minister added the project will also have a ‘demonstration effect’ as this kind of mega investment will prompt other investors to look at Sri Lanka seriously.

“And there’ll be downstream projects planned – there will also be investment that will come in to the industrial park we agreed to set up, jobs will be created, the region will be developed.”

In addition to the Hambantota Port, Sri Lanka and China will also set up an industrial zone in Hambantota which will be open to investors from all parts of the world.
The zone will create thousands of jobs for youth in the country and will strengthen Sri Lanka’s position as an investment hub.
China is one of Sri Lanka’s largest development partners with China investing billions of dollars in infrastructure development, ports, hospitals, education tourism etc in the Indian Ocean island.
China is also currently constructing a mega 1.4 billion dollar Port City project close to the Colombo Port which will be the first of its kind in South Asia and will attract large scale investments into Sri Lanka in the coming years.

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