Port City is key for Sri Lanka to become regional financial and commercial hub - Tharaka

by Zulfick Farzan 17-08-2023 | 12:52 PM

COLOMBO (News 1st); State Minister of Foreign Affairs of Sri Lanka Tharaka Balasuriya says that enhancing maritime security and jointly addressing environmental challenges, can ensure safer navigation and protect our oceans for generations to come

He was speaking at China South Asia Cooperation Forum on Wednesday (16) in China.

"China has been Sri Lanka’s No.1 investment partner since 2012. The total investment from China from 2005- 2022 is recorded as US$ 3,334Mn. Some of the mega investment projects in Sri Lanka such as the Colombo Port City, Mattala International Airport Project and Hambantota Port Development Project support the Belt and Road Initiative of China," said the StateMinister.

He said that China's Belt and Road Initiative (BRI) and South Asia's regional connectivity efforts also converge in projects like the China-Pakistan Economic Corridor (CPEC) and the Bangladesh-China-India-Myanmar Economic Corridor (BCIM-EC).

He said that these initiatives exemplify the spirit of maritime cooperation, where infrastructure development along the seas leads to shared prosperity.

"By enhancing maritime security and jointly addressing environmental challenges, we can ensure safer navigation and protect our oceans for generations to come," said the State Minister.

He added that Sri Lanka’s expressway projects which are implemented by the Government under Chinese finance, facilitate the BRI.

"In this context I would like to stress that investments from China are critical to continue to propel Sri Lanka’s economy, as Sri Lanka emerges from the recent economic crisis and we invite more investments from China in Sri Lanka," he added.

The State Minister pointed out that the Colombo Port City project, which is the largest ever investment in Sri Lanka is key to Sri Lanka’s national vision of becoming a financial and commercial hub in the region, realizing the benefits of the strategic advantage of being located at the very centre of the Indian Ocean.

He said that this strategic location can also be further beneficial for technology and other collaborations, as Sri Lanka can serve as the pathway between China and other South Asia nations such as India, Pakistan, and Bangladesh.