Sri Lanka stocks close up, positive momentum continues

ECONOMYNEXT – A closer cooperation between Sri Lanka and China will improve Sri Lanka’s capability in safeguarding its sovereignty, security, development and dignity, Beijing’s Ambassador to Colombo Qi Zhenhong said.

His statement at an event celebrating the 75th anniversary of the founding of the People’s Republic of China comes amid increasing geopolitical cold war between Beijing and India in the island nation.

China has been vying for key investments and infrastructure projects in Sri Lanka, while India also has been competing for large energy, port, and defence deals.

“Facts have repeatedly shown that the closer and deeper the cooperation between China and Sri Lanka, the more capable Sri Lanka will be in safeguarding its sovereignty, security, development and dignity, and in playing a bigger role in regional and international affairs,” Zhenhong said at the reception held in Colombo on Wednesday (25).

The Chinese envoy in his first official speech under the newly formed Sri Lankan government also said Sri Lankan people have entered a new era and are writing a new chapter of their history through choosing President Anura Kumara Dissanayake.

Dissanayake, the leader of Marxists Janatha Vimukthi Peramuna (JVP) was elected as the president of Sri Lanka early this week after a preferential vote counting after failure to receive more than 50 percent votes.

“I firmly believe that, with the support and assistance from China and other friendly countries, and under the strong leadership of H.E. President Dissanayake, the diligent, intelligent, and heroic people of Sri Lanka will definitely overcome all sorts of risks and challenges, fully recover from the current crisis, and revive the national economy to achieve prosperity,” Zhenhong said.

“Sri Lanka, as the “Pearl of the Indian Ocean”, will shine brighter. The China-Sri Lanka strategic cooperative partnership based on sincere mutual assistance and ever-lasting friendship will continue to gain great momentum on a higher level.”

Dissanayake’s Marxists JVP has maintained an anti-Indian stance in the past and was involved in its second insurrection in 1988/89 after the started protesting against an Indian deal popularly known as IndoLanka accord which also resulted in amending the island nation’s constitution.

The JVP in the past has openly said that India has been infringing upon Sri Lanka’s sovereignty and planning for Indian expansion in the island nation. Delhi has rejected such statements.

Dissanayake in February visited India on an official invitation and his party’s trade unions have gone slow on protesting against an Indian renewable energy project by Adani group since then. (Colombo/September 26/2024)

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