Sri Lanka and China to jointly promote Hambantota Port Zone
Sri Lankan and international investors are being attracted to the industrial park in the Hambantota Port as constriction work commences on the proposed industrial park.
According to reports, a delegation from the Hambantota International Port Group (HIPG) led by HIPG Port Investment Services General Manager Justin Zhang had recently visited Sri Lanka's Ambassador to China Dr. Palitha Kohona in Beijing to discuss the promotion of Chinese investments in Sri Lanka.
The visit had taken place following an online dialogue between HIPG and the Ambassador during the Sri Lanka Virtual Investment Forum held in June 2021.
Accordingly, the HIPG delegation had briefed the Ambassador on the progress made in the construction of the park and discussions focussed on the possibility of attracting investment for it from China.
They have reportedly spoken of the latest concept "HIPG speed" introduced in the park, and how several projects had already reached the construction stage.
The plug and play "Park-in-park" manufacturing facility to be set up by the Shenzhen Xinji Group within the industrial zone had begun clearing and leveling work just 20 days after the signing of the agreement; the Ceylon Tire Manufacturing Project that was nearing completion of leveling and clearing work; and several new projects to be set up as a direct result of the value addition the industrial park brings in terms of its proximity to port operations and up and downstream industries, have also been discussed according to local media reports.
Dr. Kohona and the HIPG team had exchanged views on the industrial research and investment promotion conducted in Beijing, Tianjin and Hebei, East China, the Yangtze River Delta, and the Pearl River Delta region.
HIPG CEO Johnson Liu has been quoted as saying, "HIPG is not only looking at attracting investments into the industrial zone, but will support investments under the BOI for Chinese companies beyond the port's purview. This would help in positioning HIP as a gateway port for the southern hinterland."
The delegation had reportedly requested Ambassador Kohona's support for their investment promotions in China, as well as his assistance for participating in the upcoming investment promotion activities in the Fujian Province, scheduled for August 2021.
In response, the Ambassador had confirmed that the Sri Lankan Embassy in China was actively promoting investments in Sri Lanka to Chinese industries, and expressed his willingness to extend support to the HIPG team for similar promotions in China.
In addition to talking to Chinese companies of Hambantota's potential, the Embassy had also organised a number of well attended events to encourage foreign direct investments (FDIs) from China to Sri Lanka.
The Hambantota Port in Sri Lanka is an emerging business/investment opportunity in Sri Lanka and the proposed industrial zone within the port premises will further boost opportunities in the island. With Sri Lanka fast becoming a business hub in the South Asian region given its geographical positioning in the Indian ocean and the many trade agreements as well as trade concessions enjoyed by the country, foreign businesses/investors could explore business/investment opportunities in Sri Lanka. Given the close proximity of the Hambantota Port to the international maritime route, the port further expands business/investment opportunities in Sri Lanka.