Sri Lanka focused on strong investment and trade relationship with China: BOI
Saturday, 25 April 2015 00:03
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Sri Lanka is increasingly focused on a strong investment and trade relationship with China, the Executive Director of Sri Lanka’s Board of Investment (BOI) said.
“Sri Lanka is in the final stage of negotiating a Free Trade Agreement with China, which could give us access to Chinese goods in the Sri Lankan market duty-free, and vice versa, Sri Lanka goods in a very large Chinese market,” Duminda Ariyasinghe told Xinhua News Agency.
Sri Lanka has a population of only 20 million, and it needs free trade agreements to reach out to a wider group of people, the official said on the sidelines of the Asian-African Business Summit.
“Tourism from China is relatively small, but it is the fastest-growing segment,” Ariyasinghe said, noting that Sri Lanka was witnessing a surge in Chinese visitors.
The official noted that there are a lot of Chinese people with increased purchasing power who want to travel overseas underscoring the great potential for Sri Lanka to tap into Chinese tourism.
The two countries boast strong historical ties and a lot of social and political connections, Ariyasinghe said, adding that the island’s investment promotion agency is very keen to attract Chinese companies to base their production there.
