China grants 500 million yuan to Lanka to speed up industrialization

China has offered Sri Lanka 500 million Yuan to provide assistance to improve investment zones and speed up the industrialization process in the country.

China's Prime Minister Li Keqiang made this offer during bilateral discussions with the visiting Sri Lankan Prime Minister Ranil Wickremesinghe in Beijing on Thursday.

The Prime Minister said that Sri Lanka will adhere to the "One China" policy in the future.

The Prime Minister also said that Sri Lanka will give its fullest support to China's 'one belt one road' concept, reports Lanka page website.

During the discussions the Chinese Premier expressed his wishes that both sides will speed up the negotiation of the second phase of Hambantota port project, helping Sri Lanka to be an important transfer hub in international logistics.

The Chinese Premier welcomed the resuming of the Colombo port construction and said China is willing to join hands with Sri Lanka to steadily expand the construction of the project.

Prime Minister Ranil Wickremesinghe invited his Chinese counterpart to visit Sri Lanka as a measure of cementing ties between the two nations. The Chinese Primer accepting the invitation has said that he will tour the country next year.

He suggested that both parties should strive for finishing the negotiation of China-Sri Lanka free trade agreement by year-end.

China will develop industrial capacity cooperation with Sri Lankan plan to build an economic zone, and help speed up the construction of infrastructures and its industrialization process.

The two leaders also focused on issues that are common to both countries and agreed to standby each other when it comes to important issues such as territorial integrity, sovereignty, and development.

Following the discussions the two sides signed seven agreements.

The agreements include an extradition treaty between the two countries, an MoU between the Chinese Commerce Ministry and Strategic Development and International Commerce Ministry of Sri Lanka.

The Chinese Prime Minister hosted his Sri Lankan counterpart and his delegation to a banquet in the evening.