Sri Lankan authorities sign agreement to construct marina at Colombo Port City
Sri Lanka’s Ministry of Urban Development, Water Supply and Housing Facilities, the Urban Development Authority (UDA) and CHEC Port City of Colombo have signed a tripartite agreement last week on the construction of a marina at the proposed Colombo Port City.
The agreement, which was inked a few weeks back, was signed by the country’s Ministry of Urban Development, Water Supply and Housing Facilities Secretary Dr. Priyath Bandu Wickrema on behalf of the government of Sri Lanka, UDA Chairman Harshan de Silva, UDA Director General Prasad Ranaweera, and CHEC Port City of Colombo Managing Director Jiang Houliang.
The Ministry has stated that work on the marina will include area for berthing of yachts, hotels, restaurants as well as many other facilities, and work is due to commence shortly with the signing of the agreement.
The local media has quoted ministry officials as saying that work on the short-term projects are expected to be completed in about two years and will be undertaken first while income generated from them will be used for the bigger projects.
OSL take:
Sri Lanka’s development programme that was on hold for a few months following the outbreak of the Covid 19 pandemic, is once again reactivated. Sri Lanka was in the path to becoming a business hub in the South Asian region when the global lockdown happened and the country is now in the process of returning to normalcy. Sri Lanka’s geographical positioning in the Indian Ocean, the ease of doing business environment in the country and the many trade agreements as well as trade concessions enjoyed by the country will definitely help the country reaccess the path to becoming a business hub in the South Asian region. Therefore the country poses many attractive business/investment opportunities for the discerning foreign investor.
| Article Code : | VBS/AT/20200601/Z_3 |