Sri Lanka official praises Chinese business at largest ever trade exhibition

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Sri Lanka official praises Chinese business at largest ever trade exhibition

(Xinhua) 09:29, November 17, 2013

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COLOMBO, Nov. 16 -- China's presence at the largest ever trade exhibition in Sri Lanka involving 90 countries was praised by a local official Saturday on the sidelines of the Commonwealth leaders' summit here.

Ninety foreign companies are taking part as machinery and hi- tech equipment exhibitors represent such key markets as China, India, Germany, Thailand, Dubai, Britain, Japan, Canada and South Korea.

Also, business delegations from India, Iran, Germany, Bangladesh, South Africa and China made their visit to the trade exhibition titled "Reflections of Sri Lanka."

The trade exhibition is being held on the sidelines of the Commonwealth Heads of Government Meeting (CHOGM), which is being chaired by Sri Lanka.

The Commonwealth Business Forum (CBF) was held ahead of the leaders's summit with the largest ever participation of 95 countries. China was among the 30 non-Commonwealth countries participating with the largest delegation of 100 members.

Forty-two Chinese companies are also participating in the trade exhibition where a special pavilion has been set up to showcase Chinese companies. Business to business meetings were held by Chinese representatives and their Sri Lankan counterparts.

Sri Lankan Industry and Commerce Minister Rishad Bathiudeen told reporters that he was pleased with the "unprecedented" attendance at the CBF and exhibition, which hopes to attract 2 billion U.S. dollars of investment into Sri Lanka.

"We thank the partnership of the Chinese government, and the business organizations, in our development projects. Bilateral trade between our two countries has been increasing over the years to record 2.6 billion in 2012," Bathiudeen said.

"This increasing trend is a clear indication of the potential that exists for further expansion of our trade in goods. A Free Trade Agreement (FTA) under discussion is very important for China and Sri Lanka's bilateral trade journey."

Sri Lanka is hoping to increase trade with China on the back of stronger relations during the last four years.

Since Sri Lanka ended a 30-year war in 2009, China has emerged as the island's largest loan provider with 1.2 billion U.S. dollars in loans in 2009 and 821 million U.S. dollars in 2010.

In 2011, the amount fell to 784.7 million U.S. dollars but China remains involved in almost all the large scale projects taking place, according to the Sri Lankan Finance Ministry.

Some of the biggest projects include a 1.3 billion U.S. dollar coal power plant on the north western shore and a host of other investments in the south of the country that are estimated to exceed 4 billion U.S. dollars, including a 1.2 billion dollar harbor.