Colombo a major stop on China's maritime Silk Road
[COLOMBO] A view from Sri Lanka's capital of land curving into a sea once famed for its pearls now shows giant yellow digger trucks piling boulders. It's another show of China's increasing global influence.
Once fought over by European powers, Sri Lanka is now benefiting from the attention of Asia's biggest economies, drawn to its Indian Ocean location along some of the world's busiest sea lanes. The Chinese-financed US$1.4 billion "Colombo Port City" project is its largest foreign-funded investment on record.
President Xi Jinping, who has sought to restore China's prestige and historical links along the "maritime Silk Road" through South-east and South Asia, arrived in Colombo on Tuesday, shortly after a visit by Japanese Prime Minister Shinzo Abe. Deepening ties with East Asia would reduce the role of India in Sri Lanka's trade, and aid its recovery from 26 years of civil war.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Air China to buy 100 locally made C919 jets in US$11 billion deal
Huawei’s smart car tech offers automakers route to China sales
Sri Lanka to hand management of China-built airport to India, Russia companies
Tesla’s plan for affordable cars takes page from Detroit rivals
Toyota is investing US$1.4 billion to build another all-electric SUV in US
Airbus net profit soars 28% in first quarter