$3.7 Billion Foreign Direct Investment Secured During President’s First State Visit to China

During President Anura Kumara Disanayake’s four-day state visit to China, Sri Lanka marked a significant milestone by securing the largest foreign direct investment.

This significant achievement was formalized by signing an agreement between Sri Lanka’s Ministry of Energy and Sinopec, a leading Chinese international petroleum corporation.

Under this $3.7 billion investment, a state-of-the-art oil refinery with a capacity of 200,000 barrels will be constructed in the Hambantota region. A substantial portion of the refinery’s output is planned for export, further enhancing the nation’s foreign exchange earnings.

This significant investment from China is expected to bolster Sri Lanka’s economic growth while uplifting the livelihoods of low-income communities in the Hambantota area.

Moreover, the benefits of this project are anticipated to impact the overall Sri Lankan population.

The signing ceremony was attended by Minister of Foreign Affairs, Labour and Tourism Vijitha Herath, Minister of Transport, Highways, Ports and Civil Aviation Bimal Rathnayake, and Director General of Government Information H. S. K. J. Bandara, alongside other dignitaries.