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21 January 2016


Sri Lankan economy needs restructuring

Prime Minister Ranil Wickremesinghe says that Sri Lanka will go ahead with the Chinese-funded Colombo Port City project and invites Chinese investors to Sri Lanka. 
He made these remarks during a press conference at the annual World Economic Forum (WEF) in Davos, a mountain resort in Graub√ľnden, in the eastern Alps region of Switzerland. 
Replying to a question from a journalist regarding China’s role in the regional developments, he said that China is one of the largest economic powers in the world and therefore China is reaching out to the rest of the world. 
As a result they are also operating in our part of the world, the Indian Ocean. Within Sri Lanka there are a large number of projects, infrastructure development which have been funded by the Chinese government, he said. 
“So we are going ahead with many of those projects including the Port City, the further development of the Hambantota Harbour. But we’ve also said we would like to see Chinese investments,” the PM said. 
Wickremesinghe said that infrastructure development alone is not sufficient and that now the government is discussing of bringing in Chinese investments into Sri Lanka.
“I think the Chinese government has also decided that some of its manufacturing industries should move out and Sri Lankan seems to be one of the locations for their industries to move out.” 
“We are looking at the Chinese participation in the logistics hub of Sri Lanka as well as further investments in the real-estate sector,” he revealed. 

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