Belt & Road Initiative: How cooperation is helping one Sri Lankan business in China
Updated 13:10, 22-Apr-2019
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Relations between China and Sri Lanka go back more than a thousand years when Chinese Buddhist monk Faxian visited the southeast Asian country. Fast forward to today, and the two nations have bolstered political and economic ties, with tourism and infrastructure development at the forefront. Under the Belt and Road Initiative, the two sides have seen a variety of projects get underway. CGTN's Omar Khan reports on how small-scale businesses and their people are benefitting.
"Actually, in the past, Sri Lankans used to buy products from some other countries, because of the quality. Now they're mostly focused on China because of the price and because the quality is good."
These are few of the reasons Williams Kodithuwakku sees China's business environment as outperforming other Asian markets. For nearly 5 years, the Sri Lankan entrepreneur has called Guangzhou, a major import-export hub in south China, his home. After arriving as an international student, the now 28-year-old was quick to start a business, which has flourished over the years, mainly due to what China's market has to offer.
WILLIAMS KODITHUWAKKU MANAGING DIRECTOR, WILLIAMS TRADING & LOGISTIC "Most of the products, 38% of exports to Sri Lanka, come from China. So that is the opportunity other than Singapore or Vietnam. But Vietnam doesn't have as much production as China. So in China, whatever you want to buy, you can find anything."
But running a company that exports goods such as building materials, floor tiles and other household products, has not always been an easy task.
WILLIAMS KODITHUWAKKU MANAGING DIRECTOR, WILLIAMS TRADING & LOGISTIC "So it's quite difficult, but when you set things up, things will go smoothly. If you are doing something here as a foreigner, it's hard, but once you get into a track, things will go smoothly. Everyone cannot do the same thing, so we have this opportunity. Sri Lankans, there are only a few doing the same business, so that is an opportunity even if it is hard."
From a big picture point of view, China and Sri Lanka have witnessed substantial progress under the Belt and Road Initiative. That's partly due to their growing, and already proven trade ties.
DR. LIU CHUNSHENG CENTRAL UNIVERSITY OF FINANCE & ECONOMICS "China is Sri Lanka's largest source of imports, and its tenth largest export destination, so trade relations are very close. Chinese SOEs and private enterprises are participating in Sri Lanka's economic construction process, and foreign investment cooperation is thriving."
And when it comes to the China-led framework, it's not so much about which economies can gain the most, but how countries can align their strategies, and achieve their respective goals in tandem.
ALEXI GUNASEKERA COMMERCIAL MINISTER, EMBASSY OF SRI LANKA IN CHINA "We and China, we both share similar dreams. We want to become the hub of south Asia. To become the hub of south Asia, we need infrastructure development, especially in order to promote trade and investment. So that is what's happening under the Belt and Road, so I would say we welcome the Belt and Road Initiative."
OMAR KHAN GUANGZHOU, GUANGDONG PROVINCE "At times, it's hard to capture the benefits of such an expansive framework. But even for the smallest of businesses, the trickle-down effects are becoming more and more tangible for those operating under the Belt and Road Initiative. Omar Khan, CGTN, Guangzhou."