China keen on investing in ports and fisheries sector

Chairman of Board of Investment (BOI), Dr. Lakshman Jayaweera hosted a high-powered business delegation from Guangdong Province, China and briefed them on investment opportunities in Sri Lanka.

The delegation was led by Deputy Director General of the Foreign Affairs Office of the People's Government of Guangdong province, Li Jian.

He was accompanied by Director Huang Guoping and Ms Phoenix Ge from People's Government of Guangdong Province.

The delegation also included members of the media from Guangdong.

The mission to Sri Lanka is part of an official visit to a number of Asian countries covering the maritime silk route.

Director, Media and Publicity of the BOI, Dilip S Samarasinghe, Director, Promotion, Ms Nilupul de Silva and Deputy Director, Promotions, and Desk Officer for China, Ms Kumudini Rathnaweera were also present.

The BOI chairman said that Sri Lanka should be actively promoted in Guangzhou. Both countries have enjoyed friendly relations that go back to the earliest of times.

He said that Sri Lanka is tailor-made for Chinese investments and there were already a significant number of Chinese projects in the country. Many Chinese investors have found the BOI's incentive packages attractive.

The Colombo Port City is possibly the most high profile Chinese investment, which will create a completely new business district in Colombo.

Some of the mega projects undertaken by Chinese and other enterprises will not just change the capacity of the city and transform the lifestyles of its inhabitants, they will, in addition, spur the development of an advanced building material industry.

As the BOI is interested in attracting investments in the advanced technology sector, the Chairman called upon Chinese high technology companies to set up research centres in Sri Lanka. He said that Guangdong, China's powerhouse, will be targeted for investment promotion.

The Chinese leader Li Jian said that they were interested in products earmarked for import substitution including pharmaceuticals, dairy products and textiles for the garment industry. All those products are manufactured in Guangdong.

The Chinese side sought more information on the fisheries sector particularly fish processing. They also expressed interest in the work undertaken by Chinese enterprises in the ports of Colombo and Hambantota.

Guangdong is a key province on the South China Sea coast and is its economic powerhouse. With a Gross Domestic Product of more than US$1 trillion, the province's economy surpasses that of many developed nations.

Guangdong houses many of China's most advanced industries in the cities of Guangzhou and Shenzhen.

It is also known as Canton or Kwangtung Province in English. It surpassed Henan and Sichuan to become the most populous province in China in January 2005, registering 79.1 million permanent residents and 31 million migrants who live in the province for at least six months of the year.

The total population is 104,303,132 as of 2010 census, accounting for 7.79% of Mainland China's population.

The provincial capital Guangzhou and economic hub Shenzhen are among the most populous and important cities in China.

Since 1989, Guangdong has topped the total GDP rankings among all provincial-level divisions, with Jiangsu and Shandong second and third in rank.

According to state statistics, Guangdong's GDP in 2011 reached CNY 5,267 billion, or US $ 815.53 billion.