Sri Lanka could only benefit from H’tota handover – Mahinda Samarasinghe

Saturday, 9 December 2017 00:00 - - {{hitsCtrl.values.hits}}

The country would only benefit from the Chinese investments into the Hambantota Port, Ports and Shipping Minister Mahinda Samarasinghe told Parliament yesterday.

Responding to allegations from JVP leader and Chief Opposition Whip Anura Kumara Dissanayake that tax concessions being given to the Chinese investor was a detriment to Sri Lanka, the Minister said that it was it was an internationally followed norm to give tax concession to such large FDIs.

“This $1.12 billion investment is a Foreign Direct Investment. Not only Sri Lanka but many South Asian countries are looking for such large scale FDIs, so it is not unusual to give such tax concessions.”

This exchange took place during yesterday’s adjournment debate in Parliament on the two resolutions pertaining to the handover of the H’tota Port and Government tax concessions granted to the Chinese entity.

The Minister then asserted that Sri Lanka would be receiving another $600 million in FDIs from the same Chinese group in the near future.

“The Hambanotota Port cannot be developed at once. It will take several stages. Sri Lanka can only benefit from this venture,” he added. (SG)