High level delegation from Shanghai visits the BOI
View(s):The Board of Investment of Sri Lanka recently hosted a delegation consisting of senior officials from Chinese People’s Political Consultative Conference of Shanghai (CPPCC). The delegation was made up of six senior officials of the Communist Party of China (Shanghai chapter) and was led by Xu Yibo, Vice Chairman of the CPPCC Shanghai Committee. The delegation had come on a fact finding mission to develop a greater co-operation between China and Sri Lanka, according to a BOI media release.
In the course of their visit, the delegation inspected the infrastructure in Sri Lanka, notably the port and international airport at Hambantota.
The delegation was welcomed by Upul Jayasuriya, Chairman of the BOI, who briefed them on the role of the BOI as the sole Sri Lanka Government institution established by law to attract Foreign Direct Investment. He added that by law the BOI is empowered to sign agreements with companies, to set up investment projects in
Sri Lanka.
Mr. Jayasuriya told the delegation that Sri Lanka’s relations with China had been particularly friendly.
Also participating at the discussion was Zhang Xinsheng, Member of the Standing Committee of the CPPCC Shanghai Committee, who added that “Sri Lanka is a golden place to invest”. He stated that Shanghai being China’s major economic centre has considerable industrial potential which had grown exponentially in the last 30 years. This included manufacture of automobiles of aerospace products, the development of port infrastructure and so many major economic activities. The cutting edge industries of China are often located in Shanghai.
In addition Shanghai also hosts the headquarters of many foreign companies and is China’s business capital. Mr. Zhang added that it would be important to find out which would be the best industries for Sri Lanka or those sought by the Government of Sri Lanka.
The BOI Chairman responded by adding that Sri Lanka’s main interest is currently in manufacturing products with higher value added and technology component which would result in the transfer of know-how into the country as well as boost her exports. One area that Sri Lanka is particularly interested is in the assembly of motor vehicles and the manufacture of automotive parts.