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About: http://data.cimple.eu/news-article/894e46cb7285d74659f8031254873c4cea01c057d9a4cbd2917b94c6 Goto Sponge NotDistinct Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	Sri Lanka announced Tuesday the first large-scale Chinese investment in manufacturing in the country, a $300-million tyre factory near a strategic deep-sea port. Western nations, as well as regional power India, have long been concerned about Chinese influence in Sri Lanka through projects under its gargantuan Belt and Road infrastructure initiative. The factory will be adjacent to the Hambantota port, which was leased to a Chinese company in 2017 after Sri Lanka failed to service the $1.4-billion debt from Beijing used to build it. Sri Lanka's cabinet approved the setting up of the tyre plant under legislation that allows generous tax concessions, Media Minister Keheliya Rambukwella told reporters in Colombo. He said Shandong Haohua Tire Co Limited will export at least 80 percent of production, with the option of selling the rest on the local market. The announcement came just weeks after Prime Minister Mahinda Rajapaksa unveiled the country's 2021 budget, banking on a huge Chinese real-estate development in Colombo to attract more investment and revive the island's economy. The Colombo Port City -- a $1.4 billion land reclamation project which started in 2014 -- has doubled the size of Sri Lanka's current financial district. When Rajapaksa was president between 2005-15, Colombo borrowed billions from China, accumulating a mountain of debt for a string of infrastructure projects -- including an international airport dubbed "the world's emptiest" by media for its lack of flights. He and his brother Gotabaya Rajapaksa -- the current president -- have rejected accusations that many such projects are white elephants, and have denied falling victim to a Chinese debt trap. With credit agencies cutting Sri Lanka's debt ratings, the country is expecting more Chinese loans in the new year. Its economy is struggling with both the coronavirus pandemic and the devastating effect the Easter Sunday bombings last year had on the tourism industry. aj/stu/reb/fox
schema:headline	Sri Lanka gets $300mn Chinese factory near key port
schema:mentions	2019 Sri Lanka Easter bombings Shandong Fox Joule Colombo Mahinda Rajapaksa Gotabhaya Rajapaksa Prime Minister of India Sri Lanka Pandemic India China Severe acute respiratory syndrome coronavirus 2 Colombo International Financial City Keheliya Rambukwella Land reclamation Debt trap The Factory Hambantota Cabinet of Israel
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-12-08 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	82 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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