H’tota industrial zone will have same ownership structure as of port: Malik

20 November 2017 12:00 am - 0     - {{hitsCtrl.values.hits}}

A A A

  • Says discussions on the agreement to finish end of this year
  • US $ 1bn Chinese investment into synthetic rubber already pursued 
  • Proposals have been received for ventures within H’tota port land


By Chandeepa Weattasinghe

The proposed Chinese industrial zone that will feed in business to the Hambantota port will have a similar ownership structure to that of the port and the discussions on the agreement are expected to finish by the end of this year, according to Development Strategies and International Trade Minister Malik Samarawickrama.


“Now we are having negotiations with the Chinese party regarding the terms, and I’m sure before the end of the year, those negotiations will be completed and there again that also will be a joint venture; 70 percent to Chinese and 30 percent to us,” Samarawickrama said last week at a post-budget seminar.


The Hambantota port was leased to China Merchant Port Holdings Limited for 99 years for US$ 1.12 billion, with China Merchant having a 70 percent effective shareholding in the port.


“We expect the joint venture company between China Merchant and SLPA to take over the port on the 8th of December. So, with that they will inject the first tranche, which is about US$ 430 million, and the balance will come 6 months later. As far as the port is concerned, everything is in place,” Samarawickrama said.


In order to make the port viable, a 15,000-acre investment zone was conceptualized in mid-2016. 
Following protests in Hambantota over fears of state acquisition of civilian—especially agricultural—lands, Samarawickrama in late-2016 said that the industrial zone would consist of 95 percent state land from three to four surrounding districts.


He had also pledged that forest reserves would not be harmed in the process. Development of projects in Hambantota, such as the Mattala Airport and the Sooriyawewa Cricket Stadium, had taken place in the middle of elephant ranges.

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Military Training for Youth, Explained

As news broke out about Public Security Minister (Rtd) Rear Admiral Sarath We

Illegal clearing of Attidiya Sanctuary with powerful political patronage

Environmental destruction under political patronage is not new in Sri Lanka.

Bio Bubble Bursts on tissa safari drivers

Ukrainian tourists are visiting Sri Lanka at present with the involvement of

Army’s LRRP Ambush of LTTE’s Military Intelligence Chief

A news report in the Dailymirror last August stated that the Long Range Recon

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.