Sri Lanka biz ink pioneering MoU with Chinaโs richest province
- Biggest Chinese biz delegation in a decade now in town
- โReady to help Lanka to maximiseโ– HE Chinese Amb Xianliang
- โWelcoming the richest Provinceโ-Rishad
- Lanka-Zhejiang biz at $100 Mn
The largest business delegation to arrive in Sri Lanka from China is now in town-and it is from none other than Zhejiang -Chinaโs richest province. โZhejiang is a fast developing province with direct access to shipping and trade similar to Sri Lanka. But what is most important is that Zhejiang province brings us its widely famous entrepreneurship and business outlookโ said Rishad Bathiudeen (Minister of Industry and Commerce of Sri Lanka) on 23 November in Colombo.
Minister Bathiudeen was addressing China Zhejiang-Sri Lanka Investment and Trade Symposiumโ that was unveiled on 23 November at Hilton Colombo. The first ever such symposium in Colombo on Zhejiang business, the session was organised by the China Council for the Promotion of International Trade Zhejiang Provincial Committee, the Ceylon Chamber of Commerce and supported by the Board of Investment of Sri Lanka. 120 reps from 77 Zhejiang firms and officials agencies were in session at this pioneering Colombo event. The first ever MoU between Ceylon Chamber of Commerce and China Council for the Promotion of International Trade Zhejiang Provincial Committee was ceremonially inked at the event. Also three cooperation agreements between Zhejiang companies and Sri Lanka companies were signed by the respective delegates from the Companies.
โI am given to understand that Zhejiang is the highest GDP per capita province. Today is a historic day in Zhejiang โ Sri Lanka relations as well as China Sri Lanka bilateral relations. We are witnessing not only an Investment & Trade Symposium but even a ground-breaking first ever cooperation agreement between CCPIT Zhejiang and the Ceylon Chamber of Commerceโ said Minister Bathiudeen, and added: โI am also given to understand that Zhejiang province is the fourth largest economy and the third largest exporter in China. It is also a hub for electronic manufacturing and original equipment manufacturing. Zhejiang is a fast developing province with direct access to shipping and trade similar to Sri Lanka. But what is most important is that Zhejiang province brings us its widely famous entrepreneurship and business outlook. As Your Excellency Yi Xianliang Chinese Ambassador to Sri Lanka said last Friday China and Sri Lanka are indeed friends while trade and economic cooperation are fundamental aspects of this historic relations. In fact I thank the Chinese government for its investment and development partnering efforts with Sri Lanka through various Chinese institutions including its Banking System. I am pleased to say that last year bilateral trade between China and Sri Lanka increased by 16% to $3.5 Billion. Even in January to June this year trade with China totalled $ 1.9 billion. 90% of this were imports from China. What is more important is that China also has a big role in our exports. Aย ย great amount of raw material imports from China are re-used in Sri Lankaโs exports especially in our world class apparel manufacturing. It is in this trade background that we witness another MoU between businesses of both countries. I also commend the Ceylon Chamber of Commerce for its efforts to secure this pioneering MoU with Chinaโs richest province and thereby strengthening China-Sri Lanka bilateral trade considerably.โ
Addressing the event, Yi Xianliang, Chinese Ambassador to Sri Lanka said: โMinister Bathiudeen also said about cooperation between China and Sri Lanka. Do business with us. We Chinese people always honour our payments. Zhejiang GDP is close to ten times of Sri Lankaโs GDP. Huge investment and business opportunities are of a win-win nature. China would like to assist Sri Lanka to maximize on the great advantages, potentials and opportunities that you have.โ
Sri Lankaโs exports to China in the first half of this year has increased by a strong 20% in comparison to entire exports to China in 2014 which was only $173 million.
According to the Department of Commerce under my Ministry latestย statisticsย showย thatย Chinaย hasย comeย ย withinย theย firstย ย 20ย exportย ย destinationsย of Sri Lankanย productsย in 2014.
Leader of All Ceylon Makkal Congress