China grants 500 million yuan to Sri Lanka to speed up industrialization

Posted on:09 Apr 2016 09:43:47
China grants 500 million yuan to Sri Lanka to speed up industrialization
09 April 2016 Current Affairs: China has offered Sri Lanka 500 million Yuan to provide assistance to improve investment zones and speed up the industrialization process in the country.China's Prime Minister Li Keqiang made this offer during bilateral discussions with the visiting Sri Lankan Prime Minister Ranil Wickremesinghe in Beijing on April 7,2016.Both parties should strive for finishing the negotiation of China-Sri Lanka free trade agreement by year-end.China will develop industrial capacity cooperation with Sri Lankan plan to build an economic zone, and help speed up the construction of infrastructures and its industrialization process.The two leaders also focused on issues that are common to both countries and agreed to standby each other when it comes to important issues such as territorial integrity, sovereignty, and development.Following the discussions the two sides signed seven agreements.The agreements include an extradition treaty between the two countries, an MoU between the Chinese Commerce Ministry and Strategic Development and International Commerce Ministry of Sri Lanka.

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