China and Sri Lanka have taken steps to deepen economic and trade cooperation, signing key agreements and exploring additional investment opportunities during the eighth meeting of the China-Sri Lanka Joint Trade and Economic Commission in Colombo, according to a spokesman for China’s Ministry of Commerce.
Chinese Commerce Minister Wang Wentao and Minister of Trade Wasantha Samarasinghe co-chaired the meeting, during which both sides exchanged in-depth views on advancing high-quality Belt and Road Initiative (BRI) cooperation, expanding trade and investment, and safeguarding the multilateral trading system. Two Memorandums of Understanding (MoUs) were signed following the talks — one on setting up a trade facilitation working group, and the other on industrial and supply chain cooperation.
Wang said that under the strategic guidance of both countries’ leaders, bilateral trade and investment have grown steadily, with increasing integration of supply chains and stronger people-to-people exchanges.
He pledged China’s support in boosting Sri Lanka’s exports of quality products to China and promoting a balanced, sustainable trade system.
China is also committed to driving investment-led trade, improving the local business environment, and supporting green development and the digital economy, Wang said. He reaffirmed China’s stance in defending the multilateral trading system centred on the World Trade Organization (WTO) and opposing unilateralism and protectionism.
The Sri Lankan side emphasised the country’s strong commitment to the BRI and welcomed Chinese companies to invest in sectors such as agricultural processing and renewable energy (wind and solar). Sri Lanka hopes to strengthen coordination with China on multilateral platforms to protect these shared interests, Minister Samarasinghe said.
At a separate meeting with Wang, President Anura Kumara Dissanayake praised China’s achievements in economic development, science and technology, and key infrastructure.
He voiced Sri Lanka’s readiness to expand BRI cooperation and attract more Chinese investments.
Wang said that China will further tap the potential of bilateral partnership, deepen collaboration in trade, investment, supply and industrial chains, and key projects, ensure the effective implementation of livelihood development initiatives, and continuously enrich the substance and scope of the China-Sri Lanka strategic cooperative partnership.
Business representatives from China echoed the positive tone of official engagements.
Huang Fen, Vice President of Tongfa Group, a Chinese enterprise engaged in the development, processing and trading of canned food, sugar and other products, was in Colombo to seek opportunities recently.
She expressed appreciation for the favourable policies adopted by the Government to attract foreign enterprises.
“The investment promotion policies in the Port City Colombo are extremely attractive. For example, they offer one-stop investment services, a five-10-year green visa for work, and tax and fee cuts,” Huang told the Global Times on Friday.
She said the company is considering the setting up a sugar factory in Sri Lanka to meet the demand of the island country and target the whole South Asian market.
“Sri Lanka also has abundant agricultural resources, which offer room for expanded cooperation,” Huang said, adding that the Tongfa Group seeks to import more seafood and agricultural products such as tuna, green crab and mango from Sri Lanka to make canned food.
