BOI confident of more Chinese investments - Chairman

Anuradha Kodagoda

The total value of Chinese investments in Sri Lanka is US$ 132 million. The BOI is confident that more Chinese investments will be on the way,” said Chairman, Director General of the Board of Investment of Sri Lanka, Dhammika Perera.

Wang Sicheng

There are 35 Chinese companies that operate under the special scheme of incentives the BOI offers investors. In addition there are 46 other Chinese enterprises that operate under the normal laws of the country. A Chinese delegation is currently in Sri Lanka to explore the possibility of making more investments in Sri Lanka.

“There are sixteen Chinese projects to be launched in Sri Lanka and many tax benefits have been offered to enterprises that exceed $250,000 in investment which are engaged in the luggage business,” he added.

“Due to the FTA signed between India and Sri Lanka, companies which produced leather products in Sri Lanka can export their products to Indian and Pakistan markets excluding taxes,” he said.

“Chinese enterprises have also undertaken many major infrastructure projects in Sri Lanka. Among them is the Norochcholai Power Station that will be completed in 2010.

A Chinese enterprise is building the Hambanthota Port, which is part of a program to develop an industrial hub at the southern tip of the country, at the crossroads of major shipping lines.

The objective of these investments is to create a win-win situation for both countries by creating opportunities in the economic and corporate sectors,” he said.

“The investment delegation included representatives from leading Chinese enterprises in economic sectors as diverse as giftware, handicrafts, electrical appliances, glassware, chemicals and leather industry products.

More industries are seeking investment opportunities in Sri Lanka such as tea, telecommunication, apparel and pharmaceutical industries” said Vice President of the China National Light Industry Council, Wang Sicheng.

The president of the Light Industry Association, Wang Shicheng, and his 50 strong Trade and Investment Delegation from the People’s Republic of China, who are visiting Sri Lanka to look at ways to develop further bilateral economic exchanges were welcomed at an investment forum conducted by the Board of Investment of Sri Lanka,

One project the BOI is actively promoting is the setting up of a Special Economic Zone dedicated to Chinese enterprises. The proposed site is at Mirigama.