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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Malik reveals grand Chinese plans for Hambantota port

Malik reveals grand Chinese plans for Hambantota port

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PrasannaMani

PrasannaMani
Manager - Equity Analytics
Manager - Equity Analytics
[size=33]Malik reveals grand Chinese plans for Hambantota port[/size]


Malik reveals grand Chinese plans for Hambantota port Getimage


The Hambantota port and the special economic zones attached to it would attract over US $ 9.5 billion in Chinese investments within the next five to six years, Development Strategies and International Trade Minister Malik Samarawickrama told a media briefing yesterday.
The government is hoping to sign an agreement to sell 80 percent of the Hambantota port shares to the Chinese stateowned company China Merchant Holdings for US $ 1.12 billion in January and to utilize the funds to bolster the country’s foreign reserves and repay the high interest foreign loans.
“Within the 1,200-acre Hambantota port there is going to be investments on a cement plant, an LNG plant, an oil refinery and a dockyard. They (China) have agreed and we hope to finish the negotiations soon. So there will be US $ 4 billion in investments there in the next two to three years,” he said.
The minister also added that China Merchant Holdings—which he described as the “world’s number one port operator”— has agreed to invest a further US $ 500-600 million on port equipment such as cranes that are required to expand the port to facilitate the volumes of trade expected.
According to Samarawickrama, currently 60 percent of the profit from the Colombo Port is channelled to cover the losses of the Hambantota port, since there is no shipping traffic into the white elephant project, which was constructed without a viable business plan.
Further, he noted that in the past, the global trade growth has been double the growth rate of global gross domestic product (GDP), but in 2017, the global GDP is expected to grow by 2.5 percent year-on-year, with global trade envisaged to expand at just 0.8 percent with respect to 2016.

samaritan


Moderator
Moderator
CSE is expected to be resilient next year with all the development projects to kick start early next year. The adverse comments in my opinion are over exaggerated and has an element of diaspora strategy to exert pressure and cause panic. One cannot expect anything during this festive/holiday season. Things can turn around in 2017. 

Think twice before selling your valuable shares!


_________________




The biggest risk in life is not taking any risk at all.

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Sri Lanka is in gravely need of foreign investments. Due to continuous reduced export earnings & debt repayment. Government's capability of strong negotiations plus monitoring process would display the progress of investment activities by mid of next year. Capital market future purely depend on overall prospects in the country.

samaritan


Moderator
Moderator
@worthiness wrote:Sri Lanka is in gravely need of foreign investments. Due to continuous reduced export earnings & debt repayment. Government's capability of strong negotiations plus monitoring process would display the progress of investment activities by mid of next year. Capital market future purely depend on overall prospects in the country.
Agree. There are measures being taken in the positive direction at least now after a lapse of two years. Better late than never!
http://www.dailymirror.lk/article/Govt-to-set-up-Development-Zone-in-Trinco-with-India-s-assistance-121070.html


_________________




The biggest risk in life is not taking any risk at all.

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Public look forward to the probable occurrence of accomplishing the actions rather propagated news through air.
Two years old good governance should extinguish the usual sluggishness executing what had not done so far.

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
These people are using one side of the brain when planing these projects.

They blindly announced selling or giving 15,000 acres of land in Hambantota to investors.
15,000 acres means 60 sq kms.

15,000 x 4000 / 1000 x 1000

Can anybody find 60 sq kms of uninhabited land in Hambantota - other than wildlife secured ares- ?

This means they are going to acquire already developed habitat.

What about the people , their property , their livelihood and public assets in the area?

Where can you resettle the people ? What about the money already spent to develop these areas.
What about the repercussion and huge protests, fights, sacrifices etc can be dragged for months, jeopardizing everything ?

When MR Govt tried to use Lunugamvehera Left Bank paddy land area for now Mattala airport - expanding Weeravila ap- we protested continuously because the area was already well developed for paddy production with related facilities spending billions of public money.

Foreign investors will run away if they face these unwanted problems from the beginning.
The government should think about these things before announcing blind plans and specially the lands should be carefully demarcated avoiding undesirable issues.

anges


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
everything under plan highway ,lrt,railway expansion ,flyovers.............but nothing implemented ! nothing happening only talking and big newspaper articles thats it

soileconomy

soileconomy
Vice President - Equity Analytics
Vice President - Equity Analytics
This is like NATO. No action talk only

samaritan


Moderator
Moderator
@anges wrote:everything under plan highway ,lrt,railway expansion ,flyovers.............but nothing implemented ! nothing happening only talking and big newspaper articles thats it
Absolutely true. They were farting for two years with no signs of shit, and now say there will be diarrhea commencing next year.Malik reveals grand Chinese plans for Hambantota port Icon_lol

All what the people see is a depreciating rupee, dwindling foreign reserves and rising cost of living. Pearl of Indian Ocean has been converted to a lump of 'Goma' by this so called Yahapalana Govt.Malik reveals grand Chinese plans for Hambantota port Icon_evil


_________________




The biggest risk in life is not taking any risk at all.

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
On the other hand what we read everyday in the morning through media is unreliable. This is very unfortunate. First of all we need strong impartial media to educate common public not to satisfy the colored supported people.

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