China asks Sri Lanka to protect interests of investors

China asks Sri Lanka to protect interests of investors

March 8, 2015   10:15 am

China has urged Sri Lanka to respect bilateral agreements and business contracts, and protect the interests of its investors following the suspension of a multi- billion-U.S. dollar project, the Chinese Embassy said on Saturday.

At emergency meetings with Sri Lankan Prime Minister Ranil Wickremesinghe and Foreign Minister Mangala Samaraweera, Chinese Ambassador Yi Xianliang also asked the Sri Lankan side to cherish the results of mutually-beneficial cooperation between the two countries, the embassy said.

The Sri Lankan government decided on Thursday to temporarily suspend the Colombo Port City project pending an investigative report ordered by Prime Minister Wickremesinghe. China Communications Construction Company, the Chinese firm involved in constructing the mega port city, had agreed to halt its work on the ground.

The Association for Sri Lanka-China Social and Cultural Cooperation, a civic group in Sri Lanka, demanded the government retract its decision as the Chinese-funded Port City has created job opportunities and benefited the local economy.

The 1.4-billion-U.S. dollar project, which was built on reclaimed land, was part of a deal reached between Sri Lanka and China under the former Sri Lankan government. The new government which took office following elections in January had wanted a review on the project. - (Xinhua)

Disclaimer: All the comments will be moderated by the AD editorial. Abstain from posting comments that are obscene, defamatory or slanderous. Please avoid outside hyperlinks inside the comment and avoid typing all capitalized comments. Help us delete comments that do not follow these guidelines by flagging them(mouse over a comment and click the flag icon on the right side). Do use these forums to voice your opinions and create healthy discourse.

Most Viewed Video Stories

UNDCO Regional Director for Asia-Pacific calls on President Ranil Wickremesinghe (English)

UNDCO Regional Director for Asia-Pacific calls on President Ranil Wickremesinghe (English)

CID records nearly 5-hour statement from Maithripala (English)

Fuel supply to 12 filling stations suspended for ignoring guidelines (English)

Police to obtain detention orders on 3 including IUSF's Wasantha Mudalige (English)

Japan provides JPY 500 million medical grant to Sri Lanka (English)

Sri Lanka's net debt per capita rapidly on the rise

NEWS IN BRIEF- 2022.08.19

Books authored by student during Covid-19 pandemic launched under'Ratak Watina Pothak'