Sri Lanka – China business zone launched

The formal inauguration of the 920-acre Sri Lanka-China Business Zone, established in Xinping Province, China to facilitate Sri Lankan entrepreneurs to expand their business operations in China, was held at the Jasmine Ballroom of the Bandaranaike Memorial International Conference Hall (BMICH) recently.

The initiative was organized by the Chairman of the Sri Lanka-China Business Council, Mr. Herbie Silva, and the Secretary of the Council, Ms. Sharmila Fernando, and the Council’s Business Finance and Management Advisor, Mr. Nipuna Wahalathanthrige. Distinguished representatives of the Sri Lankan government who attended the ceremony included the Secretary to the State Ministry of Defence, Retired Air Vice Marshal Sampath Thuyacontha; the Secretary to the Ministry of Fisheries, Mr. Sampath Mantrinayake; and the General Manager of the Fisheries Corporation, Mr. Mudalige Janaka Prasanna.

The ceremony was attended by high-ranking Chinese government officials, prominent Chinese investors, and a significant number of Sri Lankan entrepreneurs and business leaders. The discussions highlighted the mutual commitment to strengthening trade and economic cooperation between the two countries. It was emphasized that under the proposed business agreements, China will expand business opportunities for Sri Lankan entrepreneurs by providing financial assistance, technical assistance, and extensive infrastructure facilities.

The Chinese delegation included a group of distinguished representatives, including:
Mr. Li Jie, Deputy Director of Yuxi Investment Promotion Bureau, Mr. Shi Shufeng, Deputy General Manager of Yuxi Industrial Information Corporation Limited, Mr. Yang Shufeng, Deputy Commissioner of the Xining County Party Committee and Deputy Governor of the People’s Government of the Republic of China, Mr. Shi Shifu, Deputy Director of Xining Industrial Park Management Committee, Mr. Liu Jiaxi, Director of Xining County Investment Promotion Bureau, and Mr. Li Quan, Head of Yuxi Investment Promotion Bureau.

Mr. Herbie Silva, Chairman of the Sri Lanka-China Business Council, welcomed the participants and explained the investment strategy behind the establishment of the business zone. Retired Air Vice Marshal Sampath Thuyacontha, who was the special guest, expressed his gratitude to the Sri Lanka-China Business Council and the Chinese Government for creating this opportunity for Sri Lankan entrepreneurs.

During the event, representatives of the Chinese Government outlined the extensive facilities provided to Sri Lankan entrepreneurs in China. Ms. Sharmila Fernando provided insight into specific opportunities accessible to Sri Lankan businesses, while Mr. Nipuna Wahalathanthrige outlined a strategic roadmap for integrating local entrepreneurs into the global market.

A major highlight of the event was the signing of non-binding agreements aimed at facilitating cross-border trade and investment. For this initiative, TEMCO Cooperative Bank was selected as the official infrastructure provider to support Sri Lankan entrepreneurs in international markets and Dr. Ishantha Siribaddana, Chairman of TEMCO Banks Society, signed an agreement with the Sri Lanka China Trade Corridor. TEMCO Bank pledged to provide essential financial services to facilitate business links between Sri Lanka and China.

In addition, Mr. Gamini Kannangara, Chairman of Trico Logistics, formalized agreements with Chinese Business Assosiations AMCOT and ANLAN to streamline the export of finished goods from Sri Lankan entrepreneurs by ensuring the import of necessary raw materials and accessories. Furthermore, Mr. Nishantha Jayasuriya, CEO of CEC Agromart Sri Lanka, and Dr. Shammi Kumar, Director of Hiru Jaya Plantations, also signed MoUs to promote cooperation in the fields of agriculture, cash crop cultivation, tourism agriculture and green forestry.

Commenting on the importance of an entrepreneur’s contribution to a country’s economic stability, Mr. Nipuna Wahalathanthrige emphasized that entrepreneurs play a vital role in national development by producing what the country needs, thereby generating income, creating jobs and contributing to government tax revenue. He further stated that amidst a transformative political and economic landscape for the entire world and Sri Lanka, Sri Lanka would benefit immensely from utilizing the financial and infrastructure support provided by China, the world’s leading economic power.

The launch of the Sri Lanka-China Business Zone marks a significant milestone in bilateral economic relations, and aims to provide a dynamic platform for Sri Lankan entrepreneurs to thrive in international markets, while strengthening Sri Lanka’s position in the global trading arena.