President's China visit brings development boon

Swarna Wijekoon and Subashinee Senanayake

COLOMBO: The Government of the People's Republic of China has agreed to provide US$ 364 million for the second stage of the Hambantota New Port Project and Katunayake-Colombo Express Way.

In addition, financial assistance would be provided to a number of development projects as disclosed during the discussions President Mahinda Rajapaksa had with his Chinese counterparts during his recent visit, said Export Development and International Trade Minister, Prof. G. L. Peiris.

An agreement was also reached whereby the Chinese Government would assist Sri Lanka in Communication technology and provide a new technology for the indigenous rubber industry as well.

President Mahinda Rajapaksa and the Sri Lanka deputation had a special discussion with a group of large-scale Chinese investors. Some of them have consented to create investment opportunities in the local jewellery industry.

Minister Peiris recalled that the Chinese Government has already provided US$ 455 million for Norochcholai Coal-fire Project, 307 US$ for the stage I of the Hambantota Port Project and US$ 20 million for the Construction of a Drama & Dancing School.

Further, the supply of 100 railway coaches, construction of a flyover at Nugegoda and Kiribathgoda-Kadawata roads are other projects for which financial assistance were provided by China, the Minister pointed out.

The Minister reiterated that Sri Lanka would never conduce the threats or pressure meted out to Olympic Games to be held in China, but condemn them outright.