Sri Lanka reiterates investments in Colombo Port City is open for all
The government of Sri Lanka has reportedly stated that there was no exclusivity for investment in the Colombo Port City and was open for all investors alike, while adding that there were serious inquiries from many countries and well-known investors and companies.
“There is no exclusivity with one country; all investors are welcome to invest in the Colombo Port City. Already there is serious interest from well-known investors and companies who have approached us. There is interest across a very wide spectrum,” Sri Lanka’s Education Minister Prof. G.L. Peiris has told a webinar titled ‘The Colombo Port City; Angel or Devil?’
The Colombo Port City Economic Commission Act is now in effect after the Speaker of Parliament ratified the legislation last week.
Sri Lanka’s Money, Capital Market and State Enterprise Reforms State Minister Ajith Nivard Cabraal has reportedly stated that there would be many investments as time went on, highlighting potential benefits of the country’s iconic development project.
“In fact, the school that we are promoting in there (Port City) will probably have a European name. The hospital will come as a surprise, but at the same time, it will be a name that many Europeans are familiar with,” he has stated without giving specifics.
Cabraal has further noted that those criticising and alleging exclusivity for investments in the Port City would see the merits of the Sri Lankan government’s commitment and realise that it was the complete opposite of what was suspected.
“The next few years will unfold Sri Lanka’s true potential through the Port City. We will soon conduct roadshows to invite the world’s top businessmen and business institutions to be part of this great city,” Cabraal has added.
The Colombo Port City project is aimed at taking the country to the next level of development. Given Sri Lanka’s geographical positioning in the Indian ocean and the many trade agreements as well as trade concessions enjoyed by the country have poised it as a business hub in the South Asian region. The island has also been placed strategically in China’s belt and road initiative (BRI) making Sri Lanka one of the growing business opportunities in the South Asian region. Foreign businesses/investors could therefore confidently explore business/investment opportunities in Sri Lanka.
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