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Colombo Port City vital for Sri Lanka’s economic transformation

Colombo Port City vital for Sri Lanka’s economic transformation

Xinhua: The Colombo Port City (CPC) has great potential to facilitate the economic transformation Sri Lanka seeks, Central Bank Governor Dr. P. Nandalal Weerasinghe said on 6 December.
Weerasinghe told reporters that the Colombo Port City is likely to become a global commercial hub featuring local and international businesses. “We believe this project will change the fate of the country,” he said.
International accounting agencies have estimated that the Port City will attract investments worth $ 15 billion, Dr. Weerasinghe said.
The Governor added that China has facilitated a number of infrastructure developments in the South Asian country, paving the way for socio-economic development.

OSL take:
The Colombo Port City project is expected to take Sri Lanka to the next level of development. With Sri Lanka looking at becoming an emerging business destination in the South Asian region supported by the country’s geographical positioning in the Indian Ocean and the strong trade ties enjoyed with other countries, business/investment opportunities in Sri Lanka will see a strong growth in the coming years. Given that the Asian economies are bound to see a strong growth in the next decade, setting up base in a country like Sri Lanka could provide the best venue for foreign businesses engage with other countries in the region. Sri Lanka’s prominence in China’s belt and road initiative (BRI) would also boost Sri Lanka’s attraction as a business destination among many foreign businesses/investors. Sri Lanka’s economic resilience and the growing business potential means that foreign businesses/investors could confidently explore the expanding opportunities in Sri Lanka.

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Article Code : VBS/AT/20231215/Z_2

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