China ready to bring in US $ 10 billion to Sri Lanka

Takeaways from President’s tour of China

• Sinopec signed agreement to invest US $ 3.7 billion in a  state-of-the-art oil refinery with a capacity of 200,000 barrels in  Hambantota. It will boost foreign reserves for Sri Lanka. Its output is  planned for export, and as a result, it will enhance foreign exchange  earnings.   
• A grant of RMB 500 million (Rs.20 billion) from the  Chinese Government on economic and technical cooperation, establishment  of an Investment and Economic Cooperation Working Group, market access  for agricultural products to China, collaboration on media and tourism  promotion.   
• Support for Sri Lankan enterprises in the tea, gem and  other industries in establishing ties with relevant Chinese associations  of importers and exporters. It will help boost export earnings for the  country.   
• China ready for training and demonstration programmes with  Sri Lanka in areas including bio-technologies for tropical crops, plant  breeding and cultivation, and aquaculture to help Sri Lanka enhance its  capacity for sustainable agricultural development.  
• The two sides will continue to support each other in  holding tourism promotion activities in China and Sri Lanka. For Sri  Lanka, it will help boost earnings from tourism.  
• Two countries will continue maritime cooperation. It will help develop Sri Lanka’s blue economy.   
• Two countries agreed to advance all major signature  projects including the Colombo Port City and Hambantota Port integrated  development. It will enhance investments for Sri Lanka, eventually  boosting the incomes of people.        

• Chinese companies seek major investments in Sri Lanka 
• 15 MoUs exchanged by the two sides    

By Kelum Bandara 

Sri Lanka stands the chance of attracting investments from  Chinese companies amounting to around US $ 10 billion as a result of  President Anura Kumara Dissanayake’s state visit, Daily Mirror learns. 

 
The President concluded the visit to China from  January 14 to 17, 2025 at the invitation of Chinese President Xi  Jinping.  

President Dissanayake was received by President Xi on  January 15, 2025, at the Great Hall of the People. The two Presidents  engaged in discussions on a wide range of areas including economic and  trade enhancement, investment, tourism, digital transformation and  cooperation in multilateral fora. Both leaders reaffirmed their  commitment to further consolidate bilateral ties based on sovereign  equality and peaceful co-existence.  
He also held talks with Chinese Premier Li Qiang and  Chairman of the Standing Committee of the National People’s Congress of  China Zhao Leji and discussed areas of further cooperation.  

During the State Visit, 15 memoranda of understanding  (MoUs) were exchanged by the two sides. A Joint Statement with the  Sinopec Group for an export-oriented petroleum refinery in Hambantota,  valued at US $ 3.7 billion.  

President Dissanayake also addressed the “Invest in Sri  Lanka” roundtable attended by high-level representatives of Chinese  State-Owned Enterprises (SOE) and Companies. Addressing the Investment  Forum, President Dissanayake highlighted the broader vision guiding Sri  Lanka’s economic policies and shared key areas of potential interest to  the business community to invest in Sri Lanka. Leading Chinese SOEs  present at the Forum expressed their interest in bringing new  investments and expanding the existing investment projects in Sri Lanka,  according to the President’s Media Division (PMD).   

According to a source, the Chinese companies that attended the  investment forum are ready to pour in investments to Sri Lanka worth  as much as US $ 10 billion in various sectors such as energy, auto  making and construction.   

Among the prominent companies involved in these discussions  were the China Communications Construction Company Ltd (CCCC), China  Petrochemical Corporation (SINOPEC Group), Metallurgical Corporation of  China Ltd (MCC), Huawei and BYD Auto.