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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ »  China hopes Sri Lanka will properly resolve problems to preserve confidence in Chinese investors

China hopes Sri Lanka will properly resolve problems to preserve confidence in Chinese investors

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Gainer

Gainer
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Mar 05, Colombo: China today expressed hope that Sri Lanka will 'properly' resolve the problems relating to Chinese funded projects and preserve the confidence of Chinese companies in investing in the island nation.

China's Foreign Ministry Spokesperson Hua Chunying, responding to the media queries at the regular briefing on Thursday on the Sri Lankan government's decision to temporarily suspend the US$ 1.5 billion Colombo Port City Project, said the Sri Lankan government is reviewing Chinese funded projects.

The Spokesperson explained that during the Sri Lankan Foreign Minister Mangala Samaraweera's visit to China from February 27 to 28 at the invitation of Foreign Minister Wang Yi, Minister Samaraweera assured that Sri Lanka welcomes Chinese companies' investment and development in Sri Lanka.

The review conducted by the Sri Lankan side is not exclusive to China's cooperation projects in Sri Lanka, and aims to create a better investment environment, Hua said.

"China understands and respects the efforts made by the new Sri Lankan government to improve the investment environment, and believes that the Sri Lankan side will properly resolve relevant problems and preserve Chinese companies' confidence to invest in Sri Lanka in the overall interests of China-Sri Lanka friendliness and the fundamental interests of Sri Lanka's national development," the spokesperson said.

She added that the Sri Lankan side will keep in close contact with the Chinese side on the review result of China-related cooperation projects.

Sri Lanka's Cabinet of Ministers approved to immediately suspend the implementation of the Chinese funded Colombo Port City Project after a cabinet subcommittee found that the project has been started and being implemented without relevant approvals from the concerned institutions.



http://www.colombopage.com/archive_15A/Mar05_1425576455CH.php

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