COLOMBO: A Chinese state-owned firm said on Monday it plans to take its investment in Sri Lanka to $2 billion by building a major logistics hub.

Sri Lanka is looking to kickstart its economic recovery after defaulting on its foreign debt last year, when shortages of essentials such as food, fuel and medicines sparked widespread anti-government protests.

The investment by the China Merchants Group in a large logistics complex at Colombo Port, with an estimated construction cost of $392 million, is the first major foreign investment in Sri Lanka since the default.

The logistics centre project will take CMG’s “accumulated investment in Sri Lanka to... over $2bn”.

Published in Dawn, May 2nd, 2023