Sri Lanka thanks China

• For its continuing investment flow, strong Expo 2012 delegation
• Re-invited, Rishad plans high level delegation to Kunming ’12 in June

Investments from China to Sri Lanka are set to continue on an increasing trend. “Excellency, Your tenure in Colombo was marked with achievements. A major one being increased Chinese investments in Sri Lanka,” said Minister of Industry and Commerce Rishad Bathiudeen on 26 April.

Minister Bathiudeen was addressing Chinese Ambassador to Sri Lanka Yang Xiuping who completed her tenure of service in Colombo and who was paying a farewell call on Minister Bathiudeen on 26 April.

“The 150 strong Chinese delegation that graced our Expo 2012 in March was a promising development for SL-China bilateral trade. I have also been re-invited to Kunming 2012 international fair to be held in mid-June to which we are planning strong, high level delegation just as last year’s Kunming Fair,” Minister Bathiudeen informed Ambassador Xiuping.

During the Kunming 2011 called as the 19th China Import and Export Commodities Fair and fourth South Asian Nations’ Trade Fair, 100 exhibitors from Sri Lanka took part while Lankan gem and jewellery exhibitors reported large crowds for their displays with strong sales. The South Asian Countries’ trade fair is an annual regional trade show organized in parallel to the China Import and Export Fair known as the Kunming Fair and is limited to South Asian countries. Kunming is a known transportation hub in south-western China, located within the Yunnan Province. Sri Lankan participation at this years’ Kunming show saw the country. Sri Lanka’s Prime Minister D.M Jayaratne, joined (among others) by Minister Bathiudeen took part in the inaugural ceremony along with Chinese leaders.

“China thanks you for continuously facilitating our investments here. We use the reliable industry information provided by your Ministry for our investments here. We are planning to continue our investment cooperation with Sri Lanka in future too” said Her Excellency Mrs. Yang Xiuping.

According to the Department of Commerce of Sri Lanka under the Ministry of Industry and Commerce, the total trade between Sri Lanka and China is on an upward trend. In 2011, the total bilateral trade value topped US $ 2239.43 million with the balance of trade in favour of China. Sri Lanka’s exports to China, although still at a lower level, have increased from US$ 10.9 million in 2002 to US$ 104.06 million in 2011, which is an achievement, considering the fact that only eight countries in Asia including Sri Lanka were able to maintain a positive Export growth to China compared with 2008. Among the important investments from China this year is the $ 550 million, 661-room Shangri La Colombo hotel. The hotel plans to complete construction and to open in 2015. China was Sri Lanka’s largest lender in 2010 giving $ 821 million accounting for 25% international borrowings.