China pulls out of key investment in Sri Lanka port logistics venture

🌐 The Hindu (LK) —
China pulls out of key investment in Sri Lanka port logistics venture

AI Summary

China Merchants is withdrawing from a planned investment in a Sri Lankan port logistics venture. The investment had been presented as a major source of foreign direct investment after Sri Lanka’s 2022 debt default and economic crisis.

When China Merchants pledged the investment in 2023, it was touted as the “first major Foreign Direct Investment” to enter Sri Lanka after the country defaulted on its foreign debt the previous year amid a crushing economic crisis

World Markets Deals Shipping Sri Lanka China Merchants port logistics investment withdrawal foreign direct investment debt crisis

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