News
China Merchants Group investment here reaches USD 2 Bn
Chairman of the China Merchants Group (CMG), Miao Jianmin, has declared that their investments here would reach nearly USD 2 bn.
CMG is China’s largest diversified conglomerate, according to a statement issued by the Hambantota International Port Group that dealt with Miao Jianmin’s recent visit. The statement quoted Jianmin’s as having said that the Group’s latest investment plans would up its accumulated investments here to reach nearly 2 billion US Dollars.
Chairman Miao 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 at 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 in the country.
“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 Centre Sky Lounge, included MoUs, commercial agreements, office lease 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 the Hambantota International Port, Chairman Miao 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 the Hambantota International Port into an important logistics centre and industrial base on the island, as well as the Indian Ocean region.
With a 150-year history, the China Merchants Group is a diversified conglomerate with key business areas focused on transportation and logistics, comprehensive finance, urban and park development. The Group’s most recent interests include emerging industries, such as healthcare and testing.
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.
A group of Tamil Progressive Alliance (TPA) members, including its Leader Mano Ganesan, met President Anura Kumara Dissanayake on Thursday (02) morning at the Presidential Secretariat.
Extensive discussions were held on the issues faced by the Malayagam communities, particularly in relation to education, housing and land, as well as on the urgent measures required to address these concerns. The President paid special attention to all these matters.
Attention was also drawn to the recruitment of qualified Tamil-medium teachers to address the teacher shortage in estate sector schools and this too was discussed at length.
Members of Parliament P. Digambaram and V. Radhakrishnan, along with several other party members, were present at the meeting.
Minister of Foreign Affairs, Vijitha Herath, held talks with Deputy Foreign Minister of Russia Andrey Rudenko at the Foreign Ministry, in Colombo, on Thursday (02), with both sides reaffirming their commitment to strengthening bilateral relations.
The Sri Lanka Ministry of Foreign Affairs said the visiting Russian Deputy Minister noted that Russia regarded Sri Lanka as a long-standing friend.
Rudenko assured that Russia stood ready to support Sri Lanka when required, including in the swift supply of Russian oil to help address the current energy challenges, encouraging Russian investors to explore new opportunities in the country and promoting increased tourist arrivals.
He also expressed Russia’s readiness to provide compensation for Sri Lankan war veterans who had lost their lives in the ongoing conflict between Russia and Ukraine.
Minister Herath welcomed Russia’s willingness to assist, emphasising that Sri Lanka valued the support extended by its “old friend”, particularly at a time when the country was facing pressing energy needs.
He noted that the two countries shared nearly seven decades of diplomatic relations and said the present moment provided an opportunity to further strengthen ties, including through long-term trade agreements.
The discussions focused on enhancing cooperation in the fields of energy, investment, tourism and diplomacy, with both sides reiterating their commitment to further deepen the longstanding friendship between Sri Lanka and Russia.
Police yesterday arrested 157 foreign nationals in connection with an alleged organised online financial scam, conducted from a hotel in the Iranawila area in Chilaw.
The suspects were taken into custody during a raid carried out by the Police while they were staying at the hotel in Iranawila.
Police said the arrested group included 143 nationals from China, 13 from Bangladesh and one from Vietnam.
Investigators suspect the group had been involved in a coordinated online financial scam, targeting victims through digital platforms.
The suspects are being detained for further questioning while investigations are continuing to determine the full extent of the operation and whether additional individuals were involved.Police said further inquiries are underway.
By Norman Palihawadane
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