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Colombo Port City to break ground for Marina development on 10 January

Colombo Port City to break ground for Marina development on 10 January

Daily FT: The Port City, Colombo on Friday (10) will break ground for its Marina development, which is tipped to be a key value proposition boosting business and attractiveness.
The Marina, Port City Colombo is a joint initiative between China Harbour and Engineering Corporation/CHEC Port City Colombo Ltd., Browns Investments PLC, and LOLC Holdings PLC. Foreign Affairs and Tourism Minister Vijitha Herath will be the Chief Guest at the groundbreaking ceremony.
The Marina is set to create a state-of-the-art facility with the capacity to harbour 243 marine vessels. In addition to its core marina function, the development will feature exclusive guest clubs, dining options, retail outlets, recreation areas, event spaces, and ample parking facilities.
The project is expected to significantly boost Colombo Port City’s attractiveness as a premier destination for marine tourism and recreation, contributing to the overall economic growth of the area.
In August last year, the Cabinet of Ministers approved the nomination of Colombo Marina Development Ltd., as a primary venture with strategic development status under the provisions of the Colombo Port City Economic Commission Act No. 11 of 2021. This designation will allow the company to receive specific incentives and encouragements pertinent to the project.
As part of this initiative, four plots of land within the Colombo Port City area have been leased to Colombo Marina Development.

OSL take:
The Port City Colombo is identified as a visionary multi-service special economic zone poised to transform Sri Lanka into the next global investment and leisure destination. It is in alignment with Sri Lanka’s target of becoming a regional hub. Sri Lanka’s strategic positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country with many foreign countries have all helped boost the country’s attraction as an emerging business destination in the South Asian region. The growing business potential in Sri Lanka has not gone unnoticed with many foreign countries including China placing the island nation prominently in its belt and road initiative (BRI). All these are indicative of the expanding opportunities in the country, especially in the key economic sectors, and foreign businesses/investors could confidently explore the opportunities. They could also pay special attention to the growing economic space at the Colombo Port City and the interest shown by foreign businesses/investors in exploring opportunities in it. Foreign businesses/investors could also look at expanding operations in Sri Lanka by forming partnerships or joint ventures with local businesses with the aim of further expansion.

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Article Code : VBS/AT/20250107/Z_7

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