China urges SL to respect bilateral agreements between both nations (Watch Video)

China urges SL to respect bilateral agreements between both nations (Watch Video)

Written by Staff Writer

08 Mar, 2015 | 10:29 pm

China has urged Sri Lanka to respect bilateral agreements and business contracts, and protect the interests of its investors following the suspension of the multi- billion-U. S. dollar Port City Project.

The Chinese Embassy in Colombo said that at meetings with Sri Lankan Prime Minister Ranil Wickremesinghe, the Chinese Ambassador Yi Xianliang also asked the Sri Lankan side to cherish the results of mutually-beneficial cooperation between the two countries.

Xinhua news agency, reported that the Chinese Ambassador had met with the Prime Minister and the Minister of Foreign Affairs, over the temporary suspension of the Port City Project.

In an exclusive interview with News1st on Sunday March 8, the Deputy Head of Mission at the Chinese Embassy, Ren Fakiang, highlighted the importance of policy consistency to maintain investor confidence.

Deputy Head of Mission of the Chinese Embassy Ren Faqiang said that the Chinese Government under the Chinese Embassy express their concern over the decision made by the new government. And he noted that its their belief that the legal rights of the foreign investor should be protected and respected.

He went on to note that this project was first initiated during the Ranil Wickremesinhe’s government in 2004.

Meanwhile, Deputy Minister of Justice, Sujeewa Senasinghe says that new laws are being compiled, to investigate allegations of large scale fraud in transactions with China.

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