COLOMBO: China and Sri Lanka have taken steps to deepen economic and trade cooperation, signing key agreements and exploring additional investment opportunities during the 8th meeting of the China-Sri Lanka Joint Trade and Economic Commission held in Colombo, according to China’s Ministry of Commerce.
Chinese Commerce Minister Wang Wentao and Sri Lankan Minister of Trade Wasantha Samarasinghe co-chaired the meeting, during which both sides exchanged in-depth views on advancing high-quality Belt and Road cooperation, expanding trade and investment, and safeguarding the multilateral trading system. Two memorandums of understanding were signed following the talks — one on establishing a trade facilitation working group, and the other on industrial and supply chain cooperation.
Wang noted that under the strategic guidance of both countries’ leaders, bilateral trade and investment have grown steadily, with increasing integration of supply chains and stronger people-to-people exchanges. He pledged China’s support in boosting Sri Lanka’s exports of high-quality products to China and promoting balanced, sustainable trade.
China is also committed to driving investment-led trade, improving the local business environment, and supporting green development and the digital economy, Wang said. He reaffirmed China’s stance in defending the multilateral trading system centered on the World Trade Organization and opposing unilateralism and protectionism.
The Sri Lankan official emphasized the country’s strong commitment to the Belt and Road Initiative and welcomed Chinese companies to invest in sectors such as agricultural processing and renewable energy. Sri Lanka hopes to strengthen coordination with China on multilateral platforms to protect the shared interests, Samarasinha said.
In a separate meeting, Sri Lankan President Ranil Wickremesinghe met with Wang and praised China’s achievements in economic development, science and technology, and infrastructure. He voiced Sri Lanka’s readiness to expand BRI cooperation and attract more Chinese investment.
Wang pledged that China will further tap the potential of bilateral partnership, deepen collaboration in trade, investment, supply and industrial chains, and key projects, ensure the effective implementation of livelihood development initiatives, and continuously enrich the substance of the China-Sri Lanka strategic cooperative partnership.
Business representatives echoed the positive tone of official engagements. Huang Fen, vice president of Tongfa Group, a Chinese enterprise engaged in the development, processing and trading of canned food, sugar and other products, went to Colombo to seek opportunities recently. She expressed appreciation for the favorable policies released by the Sri Lanka government to attract foreign enterprises.
“The investment promotion policies in Port City Colombo [a special economic zone located in Colombo] are extremely attractive. For example, they offer one-stop investment services, 5-10-year green visa for work, and tax and fee cuts,” Huang told the Global Times on Friday.
She said the company considers establishing a sugar factory in Sri Lanka to meet the demand of the island country and target the whole South Asian market. “In addition, Sri Lanka has abundant agricultural resources, which offer room for expanded cooperation,” Huang said, noting that Tongfa Group seeks to import more seafood and agricultural products such as tuna, green crab and mango from Sri Lanka for making canned food.
Sri Lanka is one of the most important participating countries of the BRI and enjoys a traditional friendship with China. “We deeply felt the traditional friendship between China and Sri Lanka during the trip, and thereby are encouraged for future investment and trade cooperation with our partners in Sri Lanka,” Huang added.
