High-powered Chinese delegation agrees to support Sri Lanka’s rubber master plan
Ahigh-powered delegation from China confirmed its interest in making joint investments in rubber industry development in Sri Lanka at a recent meeting chaired by Plantation Industries Minister Navin Dissanayake.
The Chinese delegation was led by Amy Lin, the CEO of a large conglomerate with operations in China, Hong Kong and Singapore engaged in a multitude of value adding businesses.
The Chinese government was represented by a senior official attached to the Ministry of Agriculture. According to Amy, China wishes to support the implementation of the Sri Lanka Rubber Industry Master Plan through a portfolio of long-term projects that spans across the entire rubber industry value chain.
This would result in elevating the spirit of the historical China-ceylon trade agreement or Rubber-rice Pact signed in 1952 to a great height after 66 years further consolidating a sincere relationship between the two friendly countries. The proposed investments will come partly from a special fund linked to the One Belt One Road initiative of President Xi Jinping and the balance will come from other sources. The possibility exists for Sri Lanka also to take up investments jointly depending on the nature of the project.
Both countries will institute working committees to make studies and convert the ideas discussed at the meeting to concrete project proposals with all aspects of feasibility assessed. Projects may cover both upstream and downstream segments from investments in rubber plantations, introducing novel technologies, and adding value to rubber and rubber-wood. Market studies and risk assessments will be conducted before finalizing the designs, business models and financial models.
The Chinese government wishes to declare its plans for the projects at the 2019 international summit on the fifth anniversary of the Belt and Road initiative. The parties agreed to expedite the planning process.
The Minister made a very poignant request from the officials after pledging fullest support of the government to the proposals made.