Friday, March 20, 2009

Chinese entrepreneurs express interest in setting up new projects in Sri Lanka.

(Colombo-Lankapuvath-March 14) –The recent visit of a 50-strong Chinese trade and investment delegation to Sri Lanka opened up new avenue for economic co-operation between the two countries.

During his stay in Sri Lanka, Mr. Wang Schicheng, the Vice President of the Light Industry Association of China who headed the delegation stated that Sri Lanka is an excellent location for investment. He also commended the BOI for organizing a forum where his delegation forum was able to learn more about the economic climate of Sri Lanka as well as the generous regime of incentives offered by the Board of Investment to investors.

Light Industries Association of China comprises of many light industries and is the world’s largest manufacturer of leather goods and accessories. In the leather goods area they have around 1 million varieties and 1300 brands and an annual output of 500 million items.

The Board of Investment of Sri Lanka organized one-on–one meeting whereby entrepreneurs from Sri Lanka and China were able to hold discussions on areas for future co-operation. The delegation comprised of a large group of manufacturers of leather goods. Subsequent to the successful one-on-one meetings,

In addition to joint ventures, Chinese entrepreneurs have expressed interest in setting up new projects in Sri Lanka.

China’s present economic presence in Sri Lanka amounts to 35 companies that operate under the special scheme of incentives the BOI offers investors. There are in addition 46 other Chinese enterprises that operate under the normal laws of the country. The total value of Chinese investment in Sri Lanka is US$ 132 million. There is confidence at the BOI that more investment from China will come to Sri Lanka in spite of the global economic downturn.