China and Sri Lanka agree to increase economic cooperation and investment

President Xi Jinping of China met with newly elected President Anura Kumara Dissanayake of Sri Lanka in Beijing on Wednesday, and the two countries agreed to increase investment and economic relations.

The nations signed 15 cooperation documents, including ones that aligned Sri Lanka’s 2030 digital economy vision with China’s “Belt and Road Initiative” and agreed to work together on economic and technical growth.

At the signing event, no details of the agreements were revealed.
Dissanayake visited his nation’s biggest bilateral lender after first visiting India, a regional competitor.

Colombo was able to finalize a $10 billion bilateral debt arrangement in June of last year with major lenders like as China, Japan, and India, and a $12.5 billion bondholder accord in December.

It must, however, enter into direct agreements with China Development Bank and China EXIM Bank to seal the transaction and keep proving to the IMF that it is making progress in restructuring its foreign debt in order to get more payments under a $2.9 billion IMF rescue program.

Speaking in the Great Hall of the People on Wednesday, Xi said, “I am willing to work with you, Mr. President, to chart a new vision for the development of bilateral relations and promote new and greater achievements in China-Sri Lanka relations and cooperation.”