Sri Lanka to expedite construction of Hingurakgoda Airport and 2nd phase of Central Expressway
Sri Lanka’s President and Finance Minister Ranil Wickremesinghe presenting the 2024 Budget proposals noted that the government of Sri Lanka would expedite the construction of the Hingurakgoda International Airport and the second phase of the Central Expressway.
He said, “Although there have been discussions on various scales for some time, the construction of the Hingurakgoda International Airport has not been implemented. Therefore, for its basic activities Rs. 2 billion will be allocated for 2024.”
As for the Central Expressway, Wickremesinghe stated that “as soon as the foreign debt restructuring process is completed, the second phase of the Central Expressway, i.e., the section from Kadawatha to Mirigama, will be started jointly with China. We hope to get the support of Japan for the construction of the section from Kurunegala to Galagedara. We are planning to find out whether it is possible to build the highway up to Katugastota.”
OSL take:
Sri Lanka is committed to implement the country’s development programmed that was put on hold during the past few years due to the global pandemic and the economic crisis that followed it. The government of Sri Lanka is looking at expediting several key development projects next year that are aimed at improving connectivity in the country in line with the target of making Sri Lanka an emerging business destination in the South Asian region. Sri Lanka’s development programmed therefore presents a host of new business/investment opportunities for foreign businesses/investors exploring opportunities in the country. Given Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country, Sri Lanka could fast achieve the slot of an emerging business destination in the region with the implementation of the country’s development programmed. Most of these projects also have funding pledged for them by bilateral and multilateral donors. With Sri Lanka’s ongoing economic expansion and growth as a business destination in the South Asian region, foreign businesses/investors could confidently explore the expanding opportunities in the country. Foreign businesses could also look at forming partnerships or joint ventures with local businesses with the aim of further expansion.
| Article Code : | VBS/AT/20231114/Z_7 |