We too are modernising

‘Lanka’s post war transparent growth grabbed our attention’-China Zhejiang

• Biggest Chinese delegation in a decade lauds openness
• ‘We too are modernising’-Rishad
• Lanka-Zhejiang biz at $100 Mn

It is Sri Lanka’s post war transparent growth that has drawn the attention of China’s most prosperous province to the country. “After the war, Sri Lanka has demonstrated a very transparent economic growth trend. The most attractive aspect is Sri Lanka is being open to the world” said Vice Chairperson of Chinese People’s Political Consultative Conference of Zhejiang Provincial Committee Ms Chen Yanhua on 23 November in Colombo.

Vice Chairperson Janhua was addressing Minister of Industry and Commerce Rishad Bathiudeen at the VIP meeting prior to China Zhejiang-Sri Lanka Investment & Trade Symposium 2015 at Hilton Hotel, Colombo held on 23 November. Minister Bathiudeen led the Sri Lankan businesses meeting Vice Chairperson Janhua’s strong Zhejiang official delegation at the VIP meeting. Among Janhua’s team were reps from major Zhejiang firms and institutions such as Zhejiang Communications Investment Group, Juhua Group Corp, Zhejiang China Travel Services, Hangzou Jiebai Group, Exim Bank China (Zhejiang Branch), CCPIT Zhejiang officials and even Zhejiang University Centre for European Studies.

“Since we arrived here we felt the beauty and warmth of Sri Lanka. Sri Lanka is an old friend of China enjoying long term relations. We have maintained frequent contact and exchanged delegations often and such visits by leaders of both sides laid a profound foundation for cooperation and exchange. Many provincial business delegations too visited Sri Lanka even recently” said Vice Chairperson Janhua and added: “Many entrepreneurs from Zhejiang province are participants of today’s Symposium in Colombo and they are here to keenly take part in this event. They are very proactive about further cooperation with Sri Lanka. In fact, prior to our departure, they were briefed about the investment conditions and we understood the readiness of the government of Sri Lanka to support in friendship. After the war, Sri Lanka has demonstrated a very transparent economic growth trend to the world. The most attractive aspect is Sri Lanka is being open to the world. Your policy of openness has provided a very good foundation and tradition for further bilateral cooperation with China. Sri Lanka is an important country in China’s silk route. Zhejiang is a strong manufacturing hub. Traditional industries are important and we are striving to accelerate new industries in electronics, information tech, finance and high end equipment manufacturing while most important aspect is infrastructure construction. We are trying to modernize certain industries. I invite Sri Lankan leaders to visit Zhejiang and explore new business opportunities. It is time for win-win efforts.”

Minister Bathiudeen said in response: “I am pleased to inform you that last week a Sri Lankan business delegation to Zhejiang organized by Sri Lanka-China business council returned to Sri Lanka with good results. It is in such a positive background that our meeting is taking place. Sri Lanka too is trying to modernize its industries and there are many investment opportunities open in Sri Lanka for Zhejiang investors. Chinese support to Sri Lanka’s infrastructure development is well known and we thank China for this. Our government led by HE President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe too welcome win-win opportunities for both countries. Chinese manufacturers can invest here and export duty free to both Indian and Pakistani markets. We also welcome your invitation to visit Zhejiang and we shall prepare a strong official and business delegation to Zhejiang soon.”

According to Sri Lanka-China Business Council, bilateral trade between Sri Lanka and Zhejiang is around $100 Mn. Overall bilateral trade between China and Sri Lanka notched $3.5 Bn in 2014. Even in the first half of 2015, Lankan exports to China alone has increased by 20% in comparison to entire 2014’s exports to China which was $173 Mn. According to the Department of Commerce under my Ministry latest statistics show that China has come   within the first   20 export   destinations of Sri Lankan products in 2014.