Sri Lankan government has commenced essential development projects
The Morning: In a recent announcement, State Minister for Urban Development and Housing, Arundika Fernando, revealed that the Government has commenced crucial development projects.
He also highlighted the growing interest from India, China and several Western nations in investing in the country.
State Minister Fernando made these statements at a press briefing held at the Presidential Media Centre on 6 March, under the theme ‘Collective Path to a Stable Country.’
Expressing his views further he said: “In response to the economic crisis that halted development projects last season, the Government has taken action as the economy shows signs of improvement. Necessary development work is now underway to address the country’s pressing needs and stimulate growth.
Plans have been set to commence a 2000 houses project in Colombo and its suburbs, with support from Chinese aid.
Additionally, initiatives are in place to issue deeds to all residents residing in flats, ensuring proper documentation and ownership rights.
Furthermore, progress has been made on the ‘Kandukara Dashakaya’ Development Project, marking a step forward in rural development efforts. Coastal development and low-lying land development activities have commenced, paving the way for a series of regional-level development projects across the island.
The Government, in line with its policy of divesting from business activities, has readied the Colombo Hilton Hotel for private sector investment. Already, four businessmen have expressed interest in investing in the property. However, the Government emphasises the necessity of securing the expected financial investment for the project’s success.
Additionally, progress on the Hyatt Hotel which falls under our ministry, has reached the halfway mark, with efforts underway to seek an investor for its completion. Furthermore, there’s a proposal to attract investors for the development of both sides of D. R. Wijewardene Mawatha, stretching from Lotus Tower to Lake House Roundabout.
The preliminary groundwork for the Japanese project aimed at cleaning the Beira Lake in Colombo has been successfully concluded. This sets the stage for the project to commence as early as next month, marking a significant step toward enhancing the environmental quality of the area.
In response to the recurring issue of floods plaguing Colombo city, particularly during minor rainfall, our ministry has devised a comprehensive program for flood control. Despite awaiting the necessary financial allocation, preparations for future initiatives are underway. Once funding is secured, our team is poised to swiftly implement measures to mitigate flooding and safeguard the city’s infrastructure.
Furthermore, notable interest from prominent nations such as India, China, and various Western countries underscores the growing confidence in investing in Sri Lanka. With the country’s economy showing signs of improvement, it’s inevitable that more investors will be drawn to opportunities here, bolstering economic growth and development efforts.”
OSL take:
Sri Lanka’s development programme aimed at taking the country to the next level of development presents a host of business/investment opportunities to the discerning foreign businesses/investors. Most of the projects identified in Sri Lanka’s development programme have pledged funding from multilateral financial institutions as well as from bilateral donors. Therefore, foreign businesses could look at exploring opportunities in such development programmes that cover key economic sectors. The opportunities in Sri Lanka’s development programme are multifaceted. With the country on an expansion path, there are also business/investment opportunities for foreign businesses/investors to engage in. Given the growing business potential in Sri Lanka, foreign businesses could also look at forming collaborations with local businesses with the aim of further expansion.
| Article Code : | VBS/AT/20240315/Z_8 |