Sri Lanka’s Colombo Port City opens up to investors
The Colombo Port City, which is one of Sri Lanka’s landmark projects, is now open to investors following its launch by Sri Lankan Prime Minister Mahinda Rajapaksa at a colourful ceremony held recently.
The 269 hectares of land reclaimed from the sea for the project as part of the Colombo District was declared open by the Prime Minister along with Chinese Ambassador to Sri Lanka Cheng Xueyuan.
According to reports, the government of Sri Lanka is to follow up in the coming months with several programmes to be launched to attract investors from across the globe.
Prime Minister Rajapaksa addressing the ceremony has said the Sri Lankan government would support and accelerate the development of the Colombo Port City project.
The Prime Minister had reportedly pledged to accelerate the implementation of regulations tailor-made for the Port City as early as January 2020 and promote it as an attractive investment option for investors exploring opportunities in Sri Lanka.
The Colombo Port City, which is an extension of Sri Lanka’s vibrant commercial capital, is to comprise five different districts, which will include a Financial District, Central Park Living, Island Living, The Marina and the International Island.
The Colombo Port City will have over 5.6 million square meters of built space, with the best in design and standards once completed.
The Port City project aims to attract investments in healthcare, education, entertainment, hotels and restaurants, retail and office spaces with an integrated resort and a marina, offering a best in living experience by the Indian Ocean.
Construction of the US$ 1.5 billion Colombo Port City project was launched on 17 September 2014 in the presence of former President of Sri Lanka Mahinda Rajapaksa and Chinese President Xi Jinping and the agreement for the Port City was renegotiated and signed in August 2016.
A US$ 1 billion project to construct the building to house the International Financial Centre was also approved by Cabinet in late 2017.
OSL take:
Sri Lanka’s Port City in Colombo with a dedicated financial city is expected to be one of the largest business/investment opportunity in the island. 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 have made it an attractive business destination in the South Asian region.
| Article Code : | VBS/AT/16122019/Z_2 |