US $ 3.7 b foreign direct investment secured President’s visit to China: PMD

During President Anura Kumara Disanayake’s four-day state visit to China, Sri Lanka marked a significant milestone by securing the largest foreign direct investment to date, the President’s Media Division said.

 This significant achievement was formalized this morning (16) with the signing of an agreement between Sri Lanka's Ministry of Energy and Sinopec, a leading Chinese international petroleum corporation, a press release from the PMD said. 

Under this $3.7 billion investment, a state-of-the-art oil refinery with a capacity of 200,000 barrels will be constructed in the Hambantota region. A substantial portion of the refinery’s output is planned for export, further enhancing the nation’s foreign exchange earnings, the release added 

“This major investment from China is expected to bolster Sri Lanka’s economic growth while uplifting the livelihoods of low-income communities in the Hambantota area. Moreover, the benefits of this project are anticipated to positively impact the overall Sri Lankan population in the near future,”, the release added

The signing ceremony was attended by Minister of Foreign Affairs, Labour and Tourism Vijitha Herath, Minister of Transport, Highways, Ports and Civil Aviation Bimal Rathnayake and Director General of Government Information H. S. K. J. Bandara, alongside other dignitaries.