Colombo Port City to become a major economic hub in the region: former PM David Cameron
Daily FT: The recently concluded Port City Colombo UAE Road Show unveiled the potential of PCC for all to see, drawing the attention of numerous global investors and dignitaries to the immense investment and business opportunities that this visionary project presents. The event served as an exceptional platform for fruitful discussions and an opportunity to showcase the abundant and diverse prospects at PCC. The Roadshow witnessed an impressive gathering of international investors and influential figures, all eager to explore the myriad investment avenues offered by PCC.
Former British Prime Minister, David Cameron was also present at the event as the Guest of Honour. He delivered a keynote address and participated in a broad discussion about the prospects of PCC. Discussions ranged from real estate development to regional trading and hub operations, luxurious residential and retail spaces, and much more. The former PM shared his keen insights about special economic zones like PCC, highlighting their massive potential for success and boosting the economies of their host countries. He used the Dubai International Financial Centre, Singapore and many other examples to clearly illustrate the emerging opportunities. The event also provided an opportunity for PCC to directly and clearly communicate to investors about the incentive programs available.
Speaking at the event, Cameron explained to investors how Sri Lanka has had to recover from the aftermath of a 30-year-old war which derailed the country’s economy, and that it has done so, successfully. Soon after the war, the economy showed sustained growth and after battling through many economic difficulties, there was an economic rebuilding phase where the economy gathered traction. He also pointed out that Sri Lanka enjoys a strategic geographic location in the Indo-Pacific region with its neighboring relationship with India and continuous investment from other countries right across the region. In fact, the island has been a historic hub for trade and investment thousands of years. Cameron also highlighted how, historically, trade and diplomacy had helped to avoid any major hostilities between the key players in the region.
Cameron emphasized that one of Sri Lanka’s key development projects was the establishment of Port City Colombo (PCC), and that he believes it is destined to become a major economic hub in the region. PCC brings in renewed hope for economic growth and potential for major investments. It is a visionary multibillion-dollar project that aims to redefine Sri Lanka’s economic and social landscape. Built on reclaimed land, adjacent to the heart of Sri Lanka’s capital, Colombo, PCC will offer a cosmopolitan lifestyle, world-class infrastructure, and sustainable living.
As a Special Economic Zone (SEZ), it also provides a range of incentives and benefits for businesses, making it an ideal destination for international businesses, hotel owners and operators to establish their presence in Sri Lanka. In addition, PCC’s regulatory framework aligns with global standards and has brought in a transparent and business-friendly environment. The SEZ’s independent governance framework, by way of the Colombo Port City Economic Commission (CPCEC), is also setting the stage for PCC to become one of the easiest places to do business in the region, further cementing its prospects as the “Gateway to South Asia”.
Overall, Cameron’s remarks resonated well with the gathering of investors and other dignitaries, highlighting the transformational potential of PCC in South Asia and the wider Indo-Pacific. As a Special Economic Zone (SEZ), PCC offers a unique blend of incentives and benefits, making it an enticing destination for businesses, hoteliers, and investors from around the globe. He went on to discuss Sri Lanka’s geographic advantage, being at the center of a population of about 3.2 billion people in the Indo-pacific and just 40 km away from India, at the closes point between the two nations. With that, PCC could attract investors from around the world and could possibly evolve to become a center of investment in the future.
OSL take:
Sri Lanka is working towards becoming an emerging business destination in the South Asian region. The country’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by Sri Lanka also add to the country’s attraction as a business destination with great potential. It is in such a backdrop that the Colombo Port City project, which is aimed at taking the country to the next level of development, is being promoted in overseas markets. Former British Prime Minister David Cameron is a key promoter of the Colombo Port City and had recently participated in a road show in the UAE. There has been much interest in Sri Lanka’s Port City in Colombo with many leading foreign investors exploring business/investment opportunities in the project. Governed by a special set of laws, the Colombo Port City presents an ideal venue for foreign businesses to set up base to engage with other countries in the region. With Sri Lanka’s economy on a growth path once again after facing many challenges with economic activities on an expansion path, foreign businesses/investors could confidently explore the expanding opportunities in Sri Lanka, especially in the Colombo Port City.
| Article Code : | VBS/AT/20231016/Z_5 |