Sri Lanka joins China’s Belt & Road initiative

colombo — Sri Lankan Prime Minister Ranil Wickremesinghe said on Saturday that the country has joined China’s Belt and Road initiative with the launch of operations at the Hambantota Port through a joint venture between the two nations.

The port was handed over to the China Merchant Ports Holdings (CMPH) on a 99-year lease agreement at a ceremony. The Sri Lanka Ports Authority together with the CMPH will manage the operations of the southern port.

“Today we have made arrangements for the management and long-term success of the Hambantota Port. This Sri Lankan and Chinese joint venture, which has taken over the management of this port, and its operations will ensure an additional port in the Indian Ocean,” Wickremesinghe said.

“The Hambantota Port will add to Sri Lanka’s concept of transforming into a hub in the Indian Ocean,” he was quoted as saying by Xinhua news agency.

The Silk Road Economic Belt and 21st Century Maritime Silk Road Initiative, proposed by China in 2013, aims to build trade and infrastructure networks connecting Asia with Europe and Africa along the ancient Silk Road routes.

Wickremesinghe said that with the development of the Hambantota Port, steps were also being taken to construct an economic zone in Hambantota which would see hundreds of foreign investors launching factories within this zone in the near future.