Sri Lanka has acknowledged the significant role of Belt and Road cooperation in advancing its economic and social development. A joint statement issued after a high-level meeting between leaders of Sri Lanka and China in Beijing confirmed their shared commitment to deepening this partnership. As a pivotal participant in China’s Belt and Road Initiative (BRI), Sri Lanka has benefited from Beijing’s extensive support in constructing critical infrastructure projects, including ports, the Colombo Port City, the Hambantota Port, highways, an airport, and a coal power plant.
The joint statement highlighted the fruitful outcomes achieved through collaboration, with Sri Lanka emphasizing the initiative’s significant contributions to its economic progress, societal well-being, and improved living standards. Both nations have agreed to advance major signature projects, particularly the Colombo Port City and Hambantota Port integrated development. Additionally, they plan to utilize platforms like the Silk Road Workshop to implement more livelihood programs in Sri Lanka, adhering to principles of joint planning, shared benefits, and sustainable development.
Sri Lanka’s Institute of Policy Studies (IPS) reported that Chinese infrastructure investments in the country totaled $12.1 billion from 2006 to July 2019, equivalent to 14% of Sri Lanka’s 2018 GDP. Much of this investment has been directed toward developing roads and expressways, with China financing 116.1 kilometers, or 68% of Sri Lanka’s expressway network, since 2009. Other major investments include ports, non-renewable energy, water, sanitation, and urban development.
The signing of a new Belt and Road cooperation plan marks a pivotal moment in the China-Sri Lanka partnership, signaling a commitment to higher standards, stronger resilience, and greater sustainability in their development efforts. Both countries aim to build upon their strong foundation to foster win-win outcomes, enhance economic growth, and promote regional connectivity and prosperity.
