Sri Lanka achieved a historic milestone by securing its largest-ever foreign direct investment (FDI) during President Anura Kumara Dissanayake’s recent four-day State visit to China.
The landmark agreement was signed between Sri Lanka’s Energy Ministry and Sinopec, a leading Chinese petroleum corporation, on January 16.
Key Highlights of the Investment:
- Project Value: USD 3.7 billion.
- Development: Construction of a state-of-the-art oil refinery in Hambantota with a production capacity of 200,000 barrels per day.
- Economic Impact: A significant portion of the refinery’s output will be allocated for export, boosting Sri Lanka’s foreign exchange earnings.
- Community Benefits: Expected to enhance economic growth, provide job opportunities, and uplift the livelihoods of low-income communities in the Hambantota region.
The signing ceremony in China was attended by high-ranking officials, including:
- Vijitha Herath, Minister of Foreign Affairs, Labour, and Tourism.
- Bimal Rathnayake, Minister of Transport, Highways, Ports, and Civil Aviation.
- H.S.K.J. Bandara, Director General of Government Information.
This strategic investment not only strengthens ties between Sri Lanka and China but also represents a pivotal step in accelerating Sri Lanka’s post-crisis economic recovery and long-term development goals.
