Xi, the first Chinese leader to visit Sri Lanka in 28 years, and President Mahinda Rajapaksa oversaw the signing of 27 agreements in areas, including highways and the construction of a joint coastal and marine research center. They also agreed to start negotiations on a free trade agreement. The Colombo Port City Project was launched by Chinese President Xi Jinping and President Mahinda Rajapaksa at a grand ceremony this morning. This will be the largest single foreign direct investment of around US$ 1.5 billion for the land development that has potential to attract around US$ 5 billion from all over the world. The company said the port city will be a hub on the marine Silk Road of Asia and position itself as the preferred global tourism destination in Asia. The port city comprised with sport complexes, mini golf ground, housing and office complexes, luxury hotels and many other modern facilities. This huge investment in Sri Lanka puts doubt over proposed integrated project, iHavan a transhipment port in Northern Maldives. Its very unlikely that Chinese funding another huge port project just near another.
Posted on: Wed, 17 Sep 2014 08:10:32 +0000
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