The China proposed Belt and Road Initiative has helped boost the growth of a port in the town of Hambantota, at the south end of Sri Lanka.
Located only 10 nautical miles from the international shipping route in the Indian Ocean, Hambantota was a small fishing town just a few years ago and attracted almost no ships, but now it is on track to become the largest port in that region.
The port will connect Sri Lanka with more overseas markets and customers, which will in turn drive economic growth in Sri Lanka which is currently weak in domestic demand.
"Sri Lanka has a weak industrial basis, while its domestic demand is not strong. So it does not take too much efforts in this respect," said Feng Ming, deputy manager of the Hambantota International Port Group.
In December 2017, Sri Lanka and China officially launched the operations at the Hambantota port through a joint venture between Sri Lanka Ports Authority and China Merchant Port Holdings, with a hope to transform local economy.
"We estimate that there are about 300 ships that pass by this shipping lane per day. So even if a fraction of those ships coming to the port of Hambantota for any type of service, that is the potential that we have in this port," said Ravindra Jayawickreme, CEO of Hambantota International Port Services.
The port has also created lots of job opportunities for locals, with 98 percent of its employees being Sri Lankans.
The Chinese company is trying to build Hambantota into a port city by replicating the success of Shenzhen's Shekou Industrial Zone.
"In Hambantota, we want to replicate the Shekou Mode or port-park-city model: an industrial park and a city come in after the initial development of a port. The future of Hambantota will be great," said Feng.
The Belt and Road Initiative, proposed by China in 2013, refers to the initiative on the construction of the Silk Road Economic Belt and the 21st Century Maritime Silk Road, aiming to build a trade and infrastructure network connecting Asia, Europe and Africa along and beyond the ancient Silk Road trade routes.
Sri Lanka is on the maritime Silk Road.
Sources:cctvplus
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