Lanka, China joint venture projects to net billions in forex
 

by L. S. A. Wedaarachchi

A number of Sri Lanka-China joint venture projects including a five star hotel, shopping complex, inland travel service, Chinese green tea cultivation and processing project, and a Chinese leisure park will be launched in the near future.

The projects which will bring billions of rupees in foreign exchange to Sri Lanka are the direct result of the recently concluded China-Sri Lanka CEOs Summit held in Colombo.

Governor of the Southern Province and Chairman of the China Sri Lanka CEOs summit Kingsley T. Wickramaratne said, that the Chinese delegation was impressed by the facilities and resources to commence business development projects in Sri Lanka.

He said Chinese and Sri Lankan entrepreneurs have already signed agreements for

joint ventures, partnership network and franchise arrangements.

A shopping complex which will facilitate fifty producers and traders will be opened at Gintota in the Galle district.

The shopping complex will be developed to market Chinese and Sri Lankan products by the investor Zhejiang Zhenbei Co. Ltd. The Southern Provincial Council along with the representatives of the China-Sri Lanka joint venture held a series of discussions. A 50 acre plot of land has been identified in Gintota for this purpose.

Another project is a five star hotel where land has been identified on the Hambantota beach by the investor, Beijing Urban Construction Group Co. Ltd.

The number of Chinese tourist arrivals has been increasing rapidly during the last few years. According to Tourist Board statistics the number of Chinese tourist arrivals has increased by 100 percent when compared with the corresponding period last year. China recently declared Sri Lanka as a tourist destination. Sri Lanka is targeting 50,000 Chinese tourists annually in the coming years.

According to the Governor of Southern Province, construction work on the Hambantota port will also be undertaken by a leading Chinese port construction group - Jing Tang Port Co. Ltd. who participated in the China-Sri Lanka CEO's Summit. The Chinese port construction company has expressed its willingness to undertake the Hambantota port project on a BOT basis.

Pure Pium Tea Limited Liability Company has signed an agreement with a local tea company to grow and process Chinese green tea in a land in Horana. The Chinese company will also further develop a market for Sri Lankan red tea in China. A textile printing project will be set up by Bengbu Guangxing Clothing Company.

The China Sri Lanka CEOs Summit was organised by the Asian Capital Forum (ACF) led by the Governor of the Southern Province who has been designated by AFC as the director of the CEOs summit.

Sparklink Travels handled the logistics for the visit of the delegation Nihal Perera, Chairman/Managing Director of Sparklink Travels and former director Ceylon Tourist Board and Upali Ubayasekera, Minister Commercial of the Embassy of Sri Lanka Beiging also contributed to making the Colombo CEOs Summit a success.