China Merchants Group investment in Sri Lanka reaches USD 2 Billion
China Merchants Group (CMG) Chairman Miao Jianmin , China’s largest diversified conglomerate, who was on a visit to Sri Lanka says the Group’s latest investment plans will up its accumulated investments in the island to reach nearly 2 billion US Dollars.
Jianmin, who is on his first visit to the country, attended a signing and ribbon-cutting ceremony held at the Hambantota International Port for 15 projects. The China Merchants Group which entered the Sri Lankan market in 2008, accumulated a total investment of 1.68 billion US dollars as of the beginning of 2023. The Group has just signed another investment agreement with the Sri Lankan government, with plans to invest 400 million US dollars to build a modern logistics centre in Colombo.
The new development will up CMG’s accumulated investment in Sri Lanka to reach over 2 billion US dollars, making it the largest foreign investment enterprise on the island.
“On this fertile land, we will write an extraordinary chapter together, and promote Hambantota Port to move forward and become a new bright spot and driving force in Sri Lanka and the Indian Ocean,” the CMG Chairman said.
The project signing event held at the Hambantota Maritime Center Sky Lounge, included MoUs, commercial agreements, office leases and land lease agreements. The partnering organisations present were Bhathiya Trading Company, COSCO Shipping Lines Lanka, Shipload Maritime, United Life Supermarket, HXZA Lanka International, Lu Fortune Investment, China State Construction Engineering Corporation, Sinopec Fuel Oil Lanka Limited and Inchcape Mackinnon Mackenzie Shipping.
Expressing full confidence in the development of Hambantota International Port, Jianmin said that CMG will continue to increase investments in Sri Lanka and establish extensive cooperation with everyone. The China Merchants Group brings to Sri Lanka, their rich experience in port and park management coupled with advanced technology.
The Group plans to build Hambantota International Port into an important logistics centre and industrial base on the island as well as the Indian Ocean region.
In addition to the signings, HIP celebrated three projects in the industrial park that have reached completion. A ribbon cutting ceremony was held for the completed phase 1 of the INSEE warehouse by Siam City Cement, the covered bonded warehousing facility by Hambantota Port & Logistics Services and the plug-and-play, park-in-park facility by Shenzhen Xinji Group.
The event also marked the commencement of Phase II of the INSEE Warehouse by Siam City Cement (Lanka) Limited as well as the state-of-the-art yacht building facility by SeaHorse Yachts (Pvt) Ltd.