$hide=home-label

Popular Posts Last 7 days_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts Last 30 days_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts Last year_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts All time_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Islamophobia_$type=carousel$h=350$show=/search/label/Muslim%20World

Saudi Arabia$type=two$count=2$h=250$space=1$icon=1$m=0$sn=0$rm=0$show=/search/label/Muslim%20World

Iran_$type=three$count=3$h=250$space=1$icon=1$m=0$sn=0$rm=0$show=/search/label/Muslim%20World

Palestine$type=three$author=hide$comment=hide$rm=hide$date=hide$show=/search/label/Muslim%20World

Sri Lanka completes controversial $1 billion port deal with China

SHARE:

COLOMBO  -  Sri Lanka on Saturday sealed a billion-dollar deal to let a Chinese state firm take over a loss-making port in a move that has been opposed by unions and worries the island's neighbours.

The long-delayed sale $1.1 billion sale of a 70 percent stake in Hambantota port, which straddles the world's busiest east-west shipping route, was confirmed by Sri Lanka's Ports Minister Mahinda Samarasinghe.

The government used tough laws against industrial action to stop workers going on strike this week to oppose the sale to China Merchants Port Holdings. India is nervous about China's infrastructure moves into its traditional sphere of influence.

"We have addressed geo-political concerns," the minister said at a signing ceremony in Colombo. "China has accepted that everything in this agreement will operate under Sri Lankan law."

Negotiations over the deal were held up for months amid opposition from trade unions and political parties.

The minister said this week that several countries had raised fears about the sale. India and the United States are known to be concerned that China getting a foothold at the deep-sea port could give it a military naval advantage in the Indian Ocean.

Samarasinghe said that Hambantota, 240 kilometres (150 miles) south of Colombo, will not be a military base for any country.

China Merchants operates Sri Lanka's only major deep-sea terminal in Colombo, which can accommodate the world's largest container carriers.

Executive vice president Hu Jianhua said the company wanted to make Hambantota the gateway to expanding economies in South Asia and Africa where it has similar port operations.

"Sri Lanka will be well positioned to play a strategic role in the one?belt-one-road initiative of the government of the People?s Republic of China," Hu said.

Sri Lanka has signed up to President Xi Jinping's signature foreign policy initiative, which aims to strengthen China's land and sea trade routes.

India has snubbed Xi's plan and skipped a May summit in Beijing that was attended by world leaders.

Samarasinghe said Hambantota will be purely a commercial port, but any routine port calls by foreign navies will be regulated by Sri Lanka as in the case with the Colombo port.

- Submarine diplomacy -


Two Chinese submarines called at Colombo in 2014 during the final year of former president Mahinda Rajapakse's tenure, angering New Delhi.

The new government of President Maithripala Sirisena turned down a Chinese request in May for another submarine call at Colombo shortly after Indian Prime Minister Narendra Modi visited the island.

Sirisena came to power in January 2015 promising to loosen ties with China after a decade of hefty funding by Beijing under his predecessor.

He suspended all big ticket Chinese funded projects amid allegations of corruption. These have resumed after modifications to the contracts with the previous government.

Apart from the $1.12 billion sale price, the Chinese firm will invest another $600 million to develop Hambantota, Samarasinghe said.

The port has racked up losses of $300 million in the last six years, according to official figures. In addition, the government pays more than $60 million annually to service the port's debt.

COMMENTS

EMAIL NEWSLETTER$desc=Subscribe to receive inspiration, ideas, and news in your inbox

Followers

Name

Ads,5,Afghanistan,34,Animals,31,Bahrain,2,Barcelona,1,Business,659,China,42,Egypt,9,Headlines,11,Health,142,India,64,Indonesia,8,International,75,Iran,42,Iraq,35,Islamophobia,17,Israel,1,Kuwait,1,Lebanon,1,Lifestyle,273,Malaysia,3,Middle East,14,Muslim World,370,Nawaz Sharif,5,Opinion,26,Pakistan,939,Palestine,25,Pics,66,Popular,1,Qatar,83,Saudi Arabia,53,Science,124,Showbiz,256,Sports,999,Sudan,1,Syria,46,Technology,163,Top News,732,Turkey,38,UAE,16,Videos,73,World,3378,Yemen,5,
ltr
item
Muslim Global: Sri Lanka completes controversial $1 billion port deal with China
Sri Lanka completes controversial $1 billion port deal with China
https://3.bp.blogspot.com/-HKq1onwtySU/WXxur6EXuPI/AAAAAAAAbQg/1B5wCyYv7dIfp5p8EIrb2coo9m1DfRKZwCLcBGAs/s640/Hambantota%2Bport.jpg
https://3.bp.blogspot.com/-HKq1onwtySU/WXxur6EXuPI/AAAAAAAAbQg/1B5wCyYv7dIfp5p8EIrb2coo9m1DfRKZwCLcBGAs/s72-c/Hambantota%2Bport.jpg
Muslim Global
http://www.muslimglobal.com/2017/07/sri-lanka-completes-controversial-1.html
http://www.muslimglobal.com/
http://www.muslimglobal.com/
http://www.muslimglobal.com/2017/07/sri-lanka-completes-controversial-1.html
true
616431133175714168
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy