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May 30, 2013 (LBO) - China is looking at starting and industrial zone in Sri Lanka's Hambantota district, the government said following a meeting with Chinese premier Li Keqiang, with visiting President Mahinda Rajapaksa.
"China will explore the possibility of establishing an industrial zone in Hambantota," Prime minister Li was quoted as saying in a statement by President Rajapaksa's media office.
"In addition, we will support Sri Lanka to develop capabilities in satellite communication, space technology and maritime industries."
China has already funded a port and airport in Hambantota.
The statement said Premier Li had also promised to a cut a trade deficit which now exists with China.
The trade deficit with China had expanded in recent years partly due to heavy tied Chinese loans to Sri Lanka given by its Export Import Bank to the Treasury which results in raw material and machinery sales to Sri Lanka.
During the current visit of President Rajapaksa more loans have been promised which are likely to generate more imports from China.
Most ordinary Sri Lankans use Chinese products because they are cheaper than importing from other countries such as Japan or Europe.
China plans industrial zone in Sri Lanka's Hambantota
"China will explore the possibility of establishing an industrial zone in Hambantota," Prime minister Li was quoted as saying in a statement by President Rajapaksa's media office.
"In addition, we will support Sri Lanka to develop capabilities in satellite communication, space technology and maritime industries."
China has already funded a port and airport in Hambantota.
The statement said Premier Li had also promised to a cut a trade deficit which now exists with China.
The trade deficit with China had expanded in recent years partly due to heavy tied Chinese loans to Sri Lanka given by its Export Import Bank to the Treasury which results in raw material and machinery sales to Sri Lanka.
During the current visit of President Rajapaksa more loans have been promised which are likely to generate more imports from China.
Most ordinary Sri Lankans use Chinese products because they are cheaper than importing from other countries such as Japan or Europe.
China plans industrial zone in Sri Lanka's Hambantota
