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| Sunday, 28 August 2005 |
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Business |  |
| News Business Features Editorial
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President
leads high-powered delegation to China
A high-powered delegation led by President Chandrika Bandaranaike Kumaratunga will visit China on a five day tour from Saturday 27. During the visit President Kumaratunga will hold important bilateral meetings with the Chinese President Hu Jintao and Prime Minister Wen Jianbao. She is also scheduled to deliver the keynote address at the 10th anniversary of the United Nations Women's conference in Beijing. Foreign Ministry officials said that during the visit the Sri Lankan delegation will enter into seven bilateral agreements with their Chinese counterparts in the economic and cultural sectors. A tourism promotion agreement will be signed by Foreign Minister Anura Bandaranaike. The agreement concerning a grant of 50 million Yuan will be signed by Treasury Secretary Dr P. B. Jayasundera. The agreement on Preferential Buyers credit of US$ 300 million will also be signed by him. A couple of bilateral agreements relating to finance, tourism, and culture will also be signed. These include an MoU to set up a Chinese language institute and a national performing arts theatre in Sri Lanka. The BOI is scheduled to conduct an investment promotion mission during President Kumaratunga's visit to China. At present the trade between the two countries is almost insignificant as Sri Lanka's exports to China is 0.15% from the total exports to developing countries. Total imports from China account for 8% of the total imports from developing countries. The trade balance between the two countries at present is in favour of China and the total deficit is Rs 43,832 million. Therefore there is potential to increase trade between the two countries. By the end of 2004 the outstanding debt of Sri Lanka to China was Rs 9,478 million. According to BOI sources 15 projects with foreign direct investments amounting to Rs 1.4 billion from China are in commercial operation under the BOI from 1978-2005. The companies employ 1,859 persons. The local investment of these companies amounts to Rs 486 million bringing the total investment component to Rs 1.9 billion. The companies are engaged in deep sea fishing, management consultancy, handicraft and gift items,apparel and textile products, motorcycles, despatch items and paper work, manufacture of sewing thread for indirect export, mini hydropower generation and trading house export. Fifty projects with FDI amounting to Rs1.2 billion are in commercial operation under normal law from 1978. The companies employ 1,455 persons. The companies are engaged in investment holding, restaurant, furniture, activated carbon, orthopaedic hospital, construction company, Chinese medical centre, trading centre, Chinese food, noodles for local consumption, ship repair and marine service, Chinese cakes and pastry, fruits and vegetables, soya products, process soya products, gold jewellery, travel agency, assembly of motorcycles and manufacture of components, reclaim rubber, take aways liquor and beverages, acupuncture needles and herbal medicine, assembling of electric and electronic household products, gems and jewellery, Chinese speciality restaurant and karoke lounge.(SG) |
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