New Delhi: Even as India is coming to terms with the fact that pro-China candidate Mohamed Muizzu has been elected as the President of Maldives, Sri Lanka has reiterated its support and cooperation for Chinese President Xi Jinping’s pet Belt and Road Initiative (BRI).
A joint statement issued following a meeting between Sri Lankan President Ranil Wickremesinghe and Xi in Beijing following the Belt and Road Forum states that under the leadership and guidance of leaders of both countries, China and Sri Lanka have achieved fruitful outcomes on Belt and Road cooperation.
“Sri Lanka reiterated it will continue to actively participate in the Belt and Road Initiative proposed by China,” the statement read. It also stated that Sri Lanka welcomes Chinese enterprises playing a positive role in its economic development and more investment from Chinese enterprises for which it will foster a favourable investment and business environment.
“China will continue to encourage competent Chinese enterprises to invest in Sri Lanka and conduct mutually beneficial cooperation,” the joint statement read. “The Colombo Port City and the Hambantota Port are signature projects of Belt and Road cooperation between the two countries. Sri Lanka welcomes further investment from Chinese enterprises, and expressed readiness to facilitate a conducive environment for investments in the Port City, including necessary legislative measures.”
India has been opposing the BRI since its inception as a key project under it, the China-Pakistan Economic Corridor (CPEC), passes through Pakistan-occupied Kashmir. And, as in the past, New Delhi again boycotted the Belt and Road Forum held in Beijing earlier this week. India and other major powers have also been raising concerns that countries participating in the BRI are getting into a debt trap.
Experts say that it is difficult for Sri Lanka to say no to China. China has made large investments in Sri Lanka. Colombo owes a lot of debt to China and Beijing is exploiting that. Then, earlier this month, China stepped in to lead Sri Lanka’s debt restructuring process taking the island nation’s other creditors, including India, by surprise. Beijing has made it clear it intends to keep Colombo in its hold.
Apart from this, China also keeps sending naval ships to Sri Lankan waters ostensibly for research purposes despite New Delhi raising its concerns repeatedly. India sees the region as falling under its sphere of influence. Meanwhile, India is facing a second challenge on the diplomatic front in the Indian Ocean region with Muizzu being elected as the President of the Maldives.