Sri Lanka has achieved a historic milestone in foreign direct investment during President Anura Kumara Dissanayake’s four-day state visit to China. On January 16, Sri Lanka’s Ministry of Energy signed a landmark agreement with Sinopec, a leading Chinese petroleum corporation, for a $3.7 billion investment to build a state-of-the-art oil refinery in the Hambantota region.
The refinery, with a capacity of 200,000 barrels per day, aims to significantly boost Sri Lanka’s foreign exchange earnings through exports. This transformative project is expected to drive the country’s economic recovery while uplifting low-income communities in Hambantota and providing long-term benefits to the broader population.
The signing ceremony was attended by key Sri Lankan officials, including 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.
This record-breaking investment highlights the strengthening ties between Sri Lanka and China and underscores the potential for international collaboration to stimulate economic growth in developing nations.
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