China asks PM to introduce legal reforms to clear way for investment

A top Chinese envoy has said that Sri Lanka should introduce legal reforms to attract foreign investments.

Prime Minister Dinesh Gunawardena’s Office quoted President of the Chinese People’s Association for Friendship with Foreign Countries (CPAFFC) Ambassador Lin Songtian as having told the Premier as Sri Lanka’s infrastructure facilities, human resources and other required services were in place. Therefore, the requirement is to introduce necessary legal reforms.

Ambassador Songtiyan, called on Prime Minister Dinesh Gunawardena together with the Chinese Ambassador in Sri Lanka Qi Zhenhong at the Prime Minister’s Office in Colombo on Monday (14),

The former Chinese Ambassador in South Africa quit that post to receive leadership of CPAFFC in 2020.

Ambassador Songtiyan has told Premier Gunawardena Hambanthota, Trincomalee and other economic Zones as well as the Colombo Port City could attract global investors if necessary reforms were introduced and investor-friendly atmosphere is quickly established.

The Prime Minister assured the Chinese delegation that the top priority of the government is to establish necessary legislations to ensure speedy clearance of investment proposals submitted by foreign partners. He said Sri Lanka seeks investments in new areas such as solar power, wind power and other alternative energy resources.

Ambassador Songtiyan said solar power and wind power should be given top priority as new energy sources are essential to attract foreign investments. “Once these are in place you can attract big investors not only from China but also from the USA, Europe, India and Japan,” he said.