China, India urged to increase investments in Lanka

Sri Lanka has asked China and India to undertake huge investments in the country taking advantage of its strategic location that would economically benefit both the countries.

Sri Lanka is looking to China and India to be investment leaders in the island nation, Minister of Enterprise Development and Investment Promotion Sarath Amunugama said while speaking to a Chinese business delegation.

He said the island nation was centrally located as a trans-shipment hub to the Middle East, the subcontinent, the far East and Australasia.

Investors in Sri Lanka would benefit from the advantages accorded to Sri Lankan enterprises under the Indo-Sri Lanka Free Trade Agreement and the GSP agreement with the European Union, Amunugama said while recalling over five decades of close relations between Sri Lanka and China.

The minister said the Norochcholai coal power plant being built with Chinese assistance will reduce the cost of electricity in Sri Lanka. The 15-member Chinese business delegation, accompanied by the Chinese Ambassador to Sri Lanka Ye Dabo, held a long meeting with Amunugama and senior trade officials on ways to expand economic cooperation.

The delegation represented Chinese companies in mining, automobile assembly, communications equipment manufacturing, trading, household appliances, light industry and consumer goods who are interested in investing in Sri Lanka.

Economic Times