'We envision $ 50 b Int'l Port City in SL' - Song Jianhua,
Chairwoman, SSLRI
As Sri Lanka-China trade topped $ 2.2 billion in 2011, an
international port city in Hambanthota region to compete with Singapore,
is proposed by a Beijing based private investment group with no less
than $ 50 billion as envisaged project value. "We are looking at a 10
year time line for the $ 50 billion Hambanthota Trade City Project on
the Public Private Partnership model. We are planning to implement it
with the support of international investment and financial institutions"
said Song Jianhua, Chairwoman of Sino-Sri Lanka Rich Investment (SSLRI)
on yesterday.
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Minister of Industry and Commerce
Rishad Bathiudeen(far right) details Sri Lanka’s progress to
the Sino-Sri Lanka Rich Investment’s delegation |
Jianhua led the 13 member Chinese Business Delegation that arrived in
Colombo as part of the overall 150 Chinese business delegation for the
Sri Lanka Expo 2012 organized by the Export Development Board under the
Ministry of Industry and Commerce. Her delegation comprised of powerful,
state-of-art technology players in fertilizer, port development, energy,
petrochemistry, cement, and machinery.
Clarifying about the $50 billion project value, which is seen by some
analysts as almost equal to Sri Lanka's annual GDP, Jianhua responded,
"The $ 50 billion value is no misnomer. This is a private public
partnership at our end and we envisage an overall investment value of $
50 billion over a 10-15 year period and we will proceed upon approval by
the government of Sri Lanka. I am happy to inform you that this is not a
sole Chinese entry-in fact it is a multinational effort in which
investors from Singapore, Hong Kong and US are also joining the Chinese
investors as lead investors. The main Chinese investors represent
manufacturing and logistic sectors. But I should stress that the project
timeline will also depend on the speed of approval."
"There will be other investments from us after the port city is
established. Members of my delegation are also keen on real estate,
black tea and jewellery once we process the port city. We also have the
support of international investment and financial institutions. Most
importantly, I believe that our efforts will boost Sri Lanka - China
trade cooperation significantly" she added.
According to the Department of Commerce under the Ministry of
Industry and Commerce, the total trade between Sri Lanka and China is on
an upward trend. In 2011, the total bilateral trade value topped US $
2239.43 million with the balance of trade in favour of China. Sri
Lanka's exports to China, although still at a lower level, have
increased from US $ 10.9 million in 2002 to US $ 104.06 million in 2011
which is an achievement considering the fact that only eight countries
in Asia including Sri Lanka were able to maintain a positive export
growth to China compared with 2008.
"It is too early to give specific details of the venture at the
moment since we are in the initial stages" Jianhua said and added, "We
had a good experience during this visit to Sri Lanka and believe the
country has investment promise. We are committed to creating jobs and
promote economic growth in Sri Lanka with our financial strength."
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