Sri Lanka’s Urban Development Authority launches work on the Ja-Ela Logistic Park
Sri Lanka’s Urban Development Authority (UDA) has launched a new investment project as a public-private partnership (PPP) with an investor selected through a competitive bidding process to construct a Logistic Park in Ekala in Ja-Ela.
Accordingly, a 36-acre undeveloped land belonging to the Sri Lanka Broadcasting Corporation (SLBC) at Ekala in Ja-Ela has been selected for the commencement of this new project and the land is currently owned by the UDA.
The project was initiated on the instructions of Sri Lanka’s Prime Minister Mahinda Rajapaksa in his capacity as Urban Development and Housing Minister under the patronage of State Minister of Urban Development, Sewage Disposal and Public Sanitation Dr. Nalaka Godahewa, according to local media reports.
Sri Lanka’s Ministry of Urban Development and Housing has stated that the construction of such a logistics park is being carried out for the first time in this area, centred on the Colombo Port and the Bandaranaike International Airport in Katunayake, is a major investment in the country.
According to the Ministry of Urban Development and Housing, up to US$ 50 million in foreign exchange could be generated from storage facilities alone from the first year of the project to the next 10 years as well as generate new jobs.
Sri Lanka’s ongoing development programme and economic expansion has opened up business/investments opportunities in many economic sectors in the country. However, Sri Lanka’s geographical positioning in the Indian Ocean, the country’s strong trade partnerships and growth as an emerging business destination in the South Asian region have all increased business/investment opportunities in the maritime industry. Ports, shipping and logistics are the key sectors the country has witnessed growth when considering opportunities in Sri Lanka’s maritime industry. The country’s key ports have also been recording a steady growth in operations despite pandemic challenges. With the steady growth in Sri Lanka’s maritime industry, there is a growing need to develop supplementary infrastructure facilities. Foreign businesses/investors could therefore explore the growing opportunities in Sri Lanka’s ports, shipping and logistics sectors while also looking at developing supplementary infrastructure facilities.
|Article Code :||VBS/AT/24022022/Z_1|