China plans to invest $5 billion in southern Lanka economic zone

COLOMBO: China has said it plans to invest $5 billion during the next three to five years in a new economic zone in southern Sri Lanka to create 100,000 jobs, a move welcomed by the government here.

Chinese Ambassador Yi Xianliang said at the launch of the southern economic development zone in Hambantota that this was a great opportunity for Sri Lanka, as more than 50 Chinese investors were interested in investing in the southern development project.

He said China would invest about USD 5 billion US dollars in the new economic zone within the next three to five years, which could also help create 100,000 jobs especially for the people of Hambantota and the south.

Sri Lankan Prime Minister Ranil Wickremesinghe appreciated China's investment in the southern economic zone and also thanked China Merchants Holdings for helping develop the Hambantota Port.

"No one can stop us from establishing a new Sri Lanka so that our youth will benefit. Like Malaysia, Singapore and China, we will also be proudly developed," the prime minister said.