Sri Lankan government takes over land reclaimed by Port City under Colombo’s administrative office
The government of Sri Lanka has taken the reclaimed land in the Colombo Port City project under the administrative office of the Colombo division following parliamentary approval received by the proposal presented to the House by Sri Lanka’s Minister for Local Government Vajira Abeywardena yesterday.
Accordingly, parliament has approved the motion to add 446 hectares of land reclaimed by China under the Port City project to the Divisional Secretary of Colombo.
The land was reportedly reclaimed by CHEC (China Harbour) Port City, which is a unit of China Communications and Construction Corporation.
According to previously published news reports, the land will be shared between Sri Lanka and CHEC who will progressively sell blocks of land to recover the investment of US$ 1.4 billion to reclaim the land under the Port City project.
Sri Lankan Minister Harsha de Silva has reportedly said in parliament that the block was to have a ‘sovereign right.’
OSL take:
The Colombo Port City project is one of the key development projects that would take Sri Lanka to the next generation and help it become a business hub in the Indian Ocean region. Sri Lanka’s geographical positioning in the Indian Ocean and the many trade pacts the country has with foreign countries will add to the importance of Sri Lanka in the South Asian region. The government of Sri Lanka is continuously engaged in improving the ease of doing business environment in the country and the country’s aggressive development programme further boost Sri Lanka as a business destination in the Indian Ocean region. Foreign businesses/investors could explore business/investment opportunities in Sri Lanka with confidence.
| Article Code : | VBS/AT/25072019/Z_1 |