China Merchants Group investment in Sri Lanka reaches US $ 2bn

Signing of agreements for new projects at Hambantota International Port

The chairman of the China Merchants Group (CMG), China’s largest diversified conglomerate, who was on a visit to Sri Lanka, said the group’s latest investment plans would up its accumulated investments in the island to reach nearly US $ 2 billion.  

CMG Chairman Miao Jianmin, who is on his first visit to the country, attended a signing and ribbon cutting ceremony held at the Hambantota International Port (HIP) for 15 projects.  
CMG, which entered the Sri Lankan market in 2008, accumulated a total investment of US $ 1.68 billion as at the beginning of 2023. The group has just signed another investment agreement with the Sri Lankan government, with plans to invest US $ 400 million to build a modern logistics centre in Colombo. 

The new development will up CMG’s accumulated investment in Sri Lanka to reach over US $ 2 billion, making it the largest foreign investment enterprise in the island.

China Merchants Group Chairman Miao Jianmin plants a mee tree at Hambantota International Port. This tree is of high ayurvedic medicinal value

“On this fertile land, we will write an extraordinary chapter together and promote the Hambantota Port to move forward and become a new bright spot and driving force in Sri Lanka and the Indian Ocean,”Jianmin said.
The project signing event held at the Hambantota Maritime Centre Sky Lounge, included MoUs, commercial agreements, office lease and land lease agreements. The partnering organisations present were Bhathiya Trading Company, COSCO Shipping Lines Lanka, Shipload Maritime, United Life Supermarket, HXZA Lanka International, Lu Fortune Investment, China State Construction Engineering Corporation, Sinopec Fuel Oil Lanka Limited and Inchcape Mackinnon Mackenzie Shipping.

Expressing full confidence in the development of the HIP, Jianmin said that CMG will continue to increase investments in Sri Lanka and establish extensive cooperation with everyone.
CMG plans to build the HIP into an important logistics centre and industrial base on the island as well as in the Indian Ocean region.

In addition to the signings, the HIP celebrated three projects in the industrial park that have reached completion. A ribbon cutting ceremony was held for the completed phase one of the INSEE warehouse by Siam City Cement, the covered bonded warehousing facility by Hambantota Port and Logistics Services and the plug-and-play, park-in-park facility by Shenzhen Xinji Group.

The event also marked the commencement of Phase II of the INSEE warehouse by Siam City Cement (Lanka) Limited as well as the state-of-the-art yacht building facility by SeaHorse Yachts (Pvt.) Ltd. 
CMG Vice Presidents Deng Renjie and Feng Boming and Wang Xiufeng, CEO of CMPort, subsidiary of CMG and HIPG’s global partner, were present at the event. HIPG CEO Johnson Liu and HIPS CEO Ravi Jayawickreme were also in attendance.