Sri Lanka’s first project at Port City is to be implemented in two phases
The first project of Sri Lanka’s proposed Colombo Port City, with an investment of US$ 100 billion, is to be implemented in two phases, according to the Chairman of the Committee on Public Finance, Anura Priyadarshana Yapa in Parliament recently.
According to reports, the first phase of the establishment of this international financial centre, which is scheduled to be completed in 2025, will consist of an international-grade high-rise office tower, two high-end residential towers, and a retail podium.
The Committee on Public Finance has reportedly emphasised to Sri Lanka’s Board of Investment (BOI) that such projects, which provide a number of tax concessions, must make a direct contribution to the overall economy of the country and the committee approved the project.
The Committee has also approved the export-quality tyre manufacturing project of Ceylon Tire Manufacturing Company (Pvt.) Ltd., which is scheduled to commence this July inside the Hambantota International Port premises.
This project is expected to commence its commercial operations after 36 months.
Committee Chairman Priyadarshana Yapa has inquired from the BOI Chairman regarding the systematic increase in rubber production in the country, while State Minister Susil Premajayantha had drawn the Committee’s attention to the high prices of Sri Lankan domestic products compared to other countries, a news report in The Morning has noted.
OSL take:
Sri Lanka’s Port City project is aimed at taking the country to the next level of development with the establishment of the special economic zone. It will also help Sri Lanka be placed as a business hub in the South Asian region. Given Sri Lanka’s geographical positioning in the Indian ocean and the many trade agreements as well as trade concessions enjoyed by the country, investing in Sri Lanka would undoubtedly be a business/investment opportunity that would yield positive returns. Given Sri Lanka’s aggressive development programme, foreign businesses/investors could therefore explore business/investment opportunities in Sri Lanka.
| Article Code : | VBS/AT/20210524/Z_2 |