Sri Lanka in the process of facilitating US$ 400 million investment at Colombo Port City
A senior official of the government of Sri Lanka has reportedly said the state was in the process of facilitating the maiden US$ 400 million investment for the newly reclaimed land at the Port City in Colombo.
“It will be a 400 million dollar plus project, with two towers and a connecting block,” Senior Economic Advisor to Sri Lanka’s Prime Minister, Ajith Nivard Cabraal has been quoted as saying in the local media.
The land for the Colombo Port City was reclaimed by CHEC Port City Colombo (Pvt) Ltd, a unit of China Communications and Construction (CCCC) group.
According to Cabraal, Sri Lanka is facilitating the investment with tax and other incentives.
The 269 hectare reclaimed land under the Colombo Port City project has 178 hectares of buildable land and 91 hectares for public areas including a park, local media reports have stated.
Sri Lanka formally declared the land for use recently and it will be marketed on a phased programme.
CHEC will have 113 acres to market and develop and the balance will be for the government of Sri Lanka.
OSL take:
The Colombo Port City project is one of the key development projects undertaken by Sri Lanka in partnership with China. Once completed and operational, the Colombo Port City will further boost Sri Lanka’s image as a business destination in the South Asian region. Sri Lanka’s geographical positioning in the Indian Ocean region, the ease of doing business environment in the country and the many trade agreements as well as trade concessions enjoyed by the country have already made the island an attractive business destination in the South Asian region.
| Article Code : | VBS/AT/17122019/Z_8 |