Japan is trying to overtake China?

The Marubeni Corporation of Japan Explores Possibilities of Investing US$ 375 million in the Wind Power Project, Textiles, and EV Industry in Sri Lanka, Sri Lanka Embassy in Tokyo said in a press release.

Marubeni Corporation’s Executive Management Team for Asia visited Sri Lanka to negotiate an investment opportunity for the 200MW Mannar Wind Power Project. During this visit, the team met with President Gotabaya Rajapaksa and the Minister of Finance.

The Marubeni Corporation with revenues of US$ 67 billion and a history spanning 160 years specializes in Renewable Energy, Textiles and Agricultural related businesses.  The Marubeni Corporation is exploring other possibilities of investing in floating solar and have been requested to set up a comprehensive textile manufacturing facility.  They have also been requested to explore the possibility of introducing Three-Wheeler Electric Vehicles as well as setting up an Electric Vehicle charging network in Sri Lanka and if this materializes it will exceed an investment of US$ 1billion.

Previously Japan was a major donor and investor to Sri Lanka but in recent years China overtook Japan’s position. The United States is trying to expel china in terms of investment but all attempts were pushed back by regional powers. Now Japan which is America’s ally increases its aid to Sri Lanka to over take China.

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