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| Friday, 14 May 2004 |
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by Ranil Wijayapala The Government of the People's Republic of China yesterday expressed its willingness to set up a stainless steel rail coach assembly plant in Sri Lanka for local use and export. A delegation comprising the First Secretary to the Chinese Embassy in Colombo and the officials of the China National Machinery Import and Export Corporation handed over their project proposals to Transport Minister Felix Perera, yesterday at his Ministry. According to the project proposal,the Chinese Government is scheduled to provide a US Dollar 50 million Line of Credit to Sri Lanka to set up this railway passenger coaches assembly plant. The China National Machinery Import and Export Corporation, a fully owned Government Institute, will form a Sri Lanka-China joint venture with Colombo Dockyard Limited and the International Industrial Trade Promotion Consortium. The passenger coach assembly project, according to the project proposal, will be set up in an unused land of the Railway Department. The project will directly benefit Sri Lanka as it can provide 750 employment opportunities and will transfer technology for the Railway Department. The manufacturing of some body components locally for the manufacture of passenger coaches will also help improve local industries in the country. The railway passenger coaches assembled at the plant will be worth Rs. 20 to 21 million and can be used for more than 20 years. Transport Minister Felix Perera, following the handing over of the proposals told the Chinese delegation that he would give his fullest cooperation for the project to be implemented, after studying the direct benefits for Sri Lanka through this project. |
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