Sri Lanka to set up first investment promotion agency in Shanghai

Sri Lanka is to set up a dedicated investment promotion agency in Shanghai, the first of its kind for Sri Lanka in China, expecting to promote bilateral business ties.

Letters of intent from four Chinese companies have been submitted to Sri Lanka's Board of Investments for review, according to a forum held on Tuesday, while the new agency is expected to be set up in the next one or two months.

The letters, from Anhui Huayuan Pharmaceutical Group Co, Jingwu Robotics, Jiangsu Jichun Medical Devices Co, and HKC Investment Co, cover the fields of pharmaceuticals, solar power, fisheries, and infrastructure, with a total value of around US$100 million.

Under the Belt and Road Initiative, China is Sri Lanka's second-largest trading partner and second import source. Last month, Sinopec started operation in the country as an importer, distributor and retail operator for petroleum products, with US$100 million investment.