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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam China-funded port a 'symbol of non-partisan policy' AFP - Monday, August 16 Send IM Story Print China-funded port a 'symbol of non-partisan policy' HAMBANTOTA, Sri Lanka (AFP) - – A China-funded port in Sri Lanka will be a symbol of Colombo's non-partisan foreign policy, the president said Sunday amid Indian concerns over Beijing's interests in the region. President Mahinda Rajapakse marked a key milestone in the construction of the 1.5 billion-dollar port in the southern Sri Lankan town of Hambantota with a message of goodwill to all nations. "This port will symbolise our non-alignment and friendship with all," the president said at a ceremony to mark the completion of the first phase of the deep-sea port. "The step forward we take today as a nation will be one that will see international economic cooperation built through mutual trust, respect and friendship." Sri Lanka is part of the 118-member Non-Aligned Movement, a group of states considering themselves not aligned formally with or against any major power bloc. Its neighbour and biggest trading partner, India, is believed to be concerned that Hambantota is part of a Chinese policy to throw a "string of pearls" geographical circle of influence around India. China is also developing port facilities in Bangladesh, Myanmar and Pakistan, and has plans for rail projects in Nepal and Sri Lanka. "Indian threat perceptions have grown as China has become more active in South Asia," said Eurasia Group's Asia analyst, Maria Kuusisto. "New Delhi sees this Chinese manoeuvring as an incursion into its historic sphere of influence, and is consequently trying to outbid the Chinese for strategically important infrastructure projects," she said. Sitting along the ancient "Silk Road" trading route and one of the world's busiest shipping lanes, the Hambantota port is intended to boost Sri Lanka's economy which is recovering after decades of ethnic conflict. Partly funded by a soft Chinese loan of 300 million dollars, the first phase of the deep-sea port is scheduled to open in November. Hambantota is also the home constituency of Rajapakse who became president in November 2005. Rajapakse said he wanted to see the country's per capita income double to 4,000 dollars in the next five years. The government hopes that by the time the second phase of the port is completed in 2014, it will help attract foreign investment in shipping and related business opportunities. The Sri Lanka Ports Authority aims to service around 2,500 of the 70,000 cargo ships that ply the East-West sea lane every year. Last year, China overtook Japan as Sri Lanka's biggest lender, providing 1.2 billion dollars in loans. Recommend Send IM Story Print Related Articles Prosecutors appeal KRouge prison chief's sentence AFP - 19 minutes ago Taiwan zoo fined after birth of 'ligers' AFP - 37 minutes ago UN chief pleads for world to aid flood-hit Pakistan AFP - 1 hour 37 minutes ago Thailand ends emergency rule in three provinces AFP - 1 hour 38 minutes ago Pakistan gets respite from rains but aid flow is slow Reuters - 1 hour 40 minutes ago News Search Top Stories Zsa Zsa Gabor calls in priest for final rites Hurricane formation linked to sea color: study Fires still threaten Russian nuclear site Eight killed, 12 injured in California desert race Russian grain export ban comes into force More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Eight killed, 12 injured in California desert race Zsa Zsa Gabor calls in priest for final rites Belgian man dies of South Asian superbug Obama endorses mosque plan near Ground Zero Hurricane formation linked to sea color: study More Most Viewed » Obama endorses mosque plan near Ground Zero Argentine students crack three-decade-old murder mystery 40 US billionaires pledge half wealth to charity Visitors attack Taiwan 'haunted house' actors Calcium supplements linked to heart attacks: study More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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