Sri Lankan government to call for proposals from investors to build several facilities in Colombo Port City
The government of Sri Lanka has decided to call for proposals from investors to build a hotel, convention centre, hospital and international school in the newly reclaimed land under a Chinese project – the Colombo Port City.
Sri Lanka’s Government Information Department has stated that the country’s National Agency for Public Private Partnership will assist in the process.
The Cabinet of Ministers had granted approval to a proposal by Sri Lanka’s Megapolis and Western Development Minister to set up two committees – a negotiation committee and a project committee.
Accordingly, proposals are to be called to build a hotel, convention and exhibition centre, and international hospital as well as an international school.
A sea area off Sri Lanka’s commercial capital, Colombo, was reclaimed by CHEC Port City Colombo (Pvt) Ltd, a unit of China Communication and Construction Group, in a US$ 1.4 billion investment.
Under the agreement with Sri Lanka, CHEC Port City has given a part of the land to the government of Sri Lanka to develop.
OSL take:
Sri Lanka is currently undergoing an aggressive development programme that covers all key economic sectors islandwide. The Colombo Port City project is one of the main ongoing mega projects in the country that will place Sri Lanka on par with many South East Asian economic hubs. Given 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 the trade concessions enjoyed by the island have made Sri Lanka the ideal business destination in the South Asian region. Therefore foreign businesses/investors could explore business/investment opportunities in Sri Lanka’s Port City project.
| Article Code : | VBS/AT/05092019/Z_2 |