PORT CITY : China urges rule of law, mutual trust

In the wake of the temporary suspension of the Colombo Port City Project, Chinese Ambassador Yi Xianliang urged the Sri Lankan Government and the Chinese contractors to observe the rule of law and maintain mutual trust and confidence in each other.

The offshore development project was launched under the previous government to be built on reclaimed land next to the Colombo Port.

The Chinese Ambassador, who was posted to Sri Lanka on February 24, told journalists yesterday that not only the politicians and parliamentarians but also ordinary people whom he met stressed the need for such a project.

He said this project was fully funded by the China Communications Construction Company (CCCC) and pointed out that the blueprint was drafted after consulting many major international agencies.

“The Chinese investors were keen to invest in this mega project not only because of their optimism in the project but also because of their confidence in Sri Lanka's future. This project will be an impetus to the urban development of Colombo, the local economy and the improvement of Sri Lanka's national image. The direct investment for this project is US$1.4 billion, it will bring a second round of investment of US$13 billion and will create more than 83,000 job opportunities,” the Ambassador said.

He said coastal area development was the core for countries with an extended coastal belt and China had developed more than 30 coastal cities by constructing port cities or zones during the past decades.

The Ambassador said Sri Lankan President Maithripala Sirisena, Prime Minister Ranil Wickremesinghe and Foreign Affairs Minister Mangala Samaraweera spoke to him and were impressed with China’s Shenzhen, a metropolitan developed on similar lines.

“You may not know that Shenzhen was a small fishing village 30 years ago. The port city may be a miniature Shenzhen and will be of great significance to Sri Lanka's economic development, especially attracting

What I like to emphasise is that, during the global financial crisis in 2008, major donors reduced their preferential loans to Sri Lanka

foreign investment and promoting local tourism,” he said.

Referring to concerns about Chinese loans to Sri Lanka, he said China extended such financial support at the request of the Sri Lankan Government against the backdrop of the global economic crisis.

“What I like to emphasise is that, during the global financial crisis in 2008, major donors reduced their preferential loans to Sri Lanka. China also faced difficulties at the time. At the request of the Sri Lankan Government, China increased financial support to Sri Lanka following fully the principle of mutual benefit and win-win results,” he said.