Chinese President Xi Jinping on Sunday said he pays "high attention" to strengthening strategic ties with Sri Lanka, as Beijing beefed up plans to build a Maritime Silk Road project in India's backyard -- the Indian Ocean. Xi also said that China and Sri Lanka have achieved "fruitful results" by their display of "pragmatic cooperation" within the framework of the joint construction of the Silk Road Economic Belt and the 21st Century Maritime Silk Road (MSR). Proposed by China in 2013, the BRI aims to build trade and infrastructure networks connecting Asia with Europe and Africa based on ancient land and maritime trade routes enhancing China's global influence. China has invested over USD eight billion in Sri Lanka over the years for various projects, including Hambantota port which it acquired on 99 years lease as a debt swap. It is also building the Colombo port city project, where Sri Lanka plans to establish an international financial city.

Source: dna February 04, 2018 12:11 UTC