• Tuesday, November 29, 2022

ASIA

Sri Lanka completes controversial $1 billion port deal with China

Mahinda Samarasinghe says “China has accepted that everything in this agreement will operate under Sri Lankan law.”

By: Eastern Eye Staff

Sri Lanka on Saturday (29) sealed a billion-dollar deal to let a Chinese state firm take over a loss-making port in a move that worries many, including its giant neighbour India. The long-delayed $1.1 billion sale of a 70 per cent stake in Hambantota port, which straddles the world’s busiest east-west shipping route, was confirmed by Sri Lanka’s ports minister Mahinda Samarasinghe. The government used tough laws against industrial action to stop workers going on strike this week to oppose the sale to China Merchants Port Holdings. India is nervous about China’s infrastructure moves into its traditional sphere of influence. “We have…

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