President Rajapakse is currently on a state visit to China, marking 50 years of diplomatic relations between the two countries.
The statement posted on its website said agreements would be signed with Chinese companies on March 12, including the Chinese Construction Contract Agency.
Accordingly the first phase construction work of the Hambanthota Port is scheduled to begin in next July.
"The first phase of the project will be finished in three years time," the statement said.
"Appropriate models for the construction procedure have been finalized and the construction process will be conducted with the contribution of the Sri Lankan engineers," it added.
The statement said Treasury Secretary P B Jayasundera, Foreign Minister Rohitha Bogollagama had met the Chinese constru