The Hambantota International Port Group (HIPG) signed a Memorandum of Understanding (MoU) with Xiamen King Long United Automotive Industry Co., Ltd (King Long) in Fujian China, last week. This is a direct result of the investment promotion in Fujian, led by the Sri Lankan Ambassador in China Dr. Palitha Kohona and HIPG’s investment promotion team headed by Justin Zhang, General Manager, Port Investment Services.
Established in 1988, Xiamen King Long United Automotive Industry Co., Ltd., manufactures large and medium sized buses, coaches and vans. With 3 large manufacturing bases, King Long’s products have been exported to over 140 countries and regions worldwide and is ranked among the top 10 automobile brands in China. Vice President of King Long Motor Group, Zhang Bin said, “we can fully take this good opportunity to further discuss the possibility regarding local assembly factory in HIPG industrial park. With the Hambantota Port being so strategically located, we would be able to reach newer markets in South East Asia .”
Johnson Liu, Chief Representative of China Merchants Group in Sri Lanka and CEO of HIPG said the collaboration with the Sri Lankan Embassy in China and the efforts by Ambassador Palitha Kohona is an important link in bringing investment to Sri Lanka. “We are exploring many other avenues in promoting investment and our investment promotion team is working very well with the Sri Lankan Embassy in China. We believe there is great synergy to be achieved between China and Sri Lanka trade. The Hambantota Industrial Park is being promoted globally and it is our goal to have a vibrant international investor community operating within the zone.”
The signing of the MoU took place at the King Long offices in Xiamen city, with the HIPG team and the Sri Lankan Ambassador also attending. Speaking at the ceremony the Ambassador said that Sri Lanka and China have maintained stable economic relations with each other and the world. Enterprises investing in Sri Lanka will be able to enjoy multiple tax incentives, and the benefits arising from Sri Lanka’s free trade agreements, and preferential treatment such as, GSP plus. “Sri Lanka welcomes Chinese high end manufacturing facilities setting up in Sri Lanka and commend King Long for choosing the Hambantota International Port Group’s Industrial Park to expand its regional footprint. No doubt this strategic partnership will be of great benefit to King Long, HIPG and the Sri Lankan economy.”