CHINA AND SINGAPORE INVESTMENT
Singaporean and Chinese financiers plan to invest US$ 1.1 billion to set up a steel plant and cement plant in Sri Lanka.
A Singaporean investor is expected to visit the country to finalise the agreement and set up the steel plant in Trincomalee with an investment of one billion dollars.
Minister of Development Strategies and International Trade Malik Samarawickrama revealed that a Chinese cement manufacturer has invested US$ 100 million to set up a cement plant in the Hambantota Export Processing Zone in partnership with a local firm – construction of the plant is expected to begin in March.
The government is also said to be in talks with several Singaporean investors to set up two oil refineries in Sri Lanka with Samarawickrama adding that the state was looking to rebuild investor confidence, which had been affected by the recent political crisis.