India and Canada vie for largest FDI projects post CHOGM
The two largest investments into the country post Commonwealth Heads of Government Meeting (CHOGM) are from India and Canada even though their heads of governments boycotted the event, according to a senior Cabinet Minister.
“India is coming to Sri Lanka with big tourism and mixed development projects, while Canada is investing in a major road development project,” Keheliya Rambukwella, Minister Mass Media and Communication told the Business Times. Canada and India boycotted CHOGM in Sri Lanka over human rights abuses.
Mr. Rambukwella added that Sri Lanka expects US$2.5 billion worth of investments post CHOGM with the above projects along with Singaporean and a Chinese and Hong Kong partnered projects. “The Singaporean project is a real estate project and the Chinese investment is a mixed development project,” he said.
He added that a project worth $ 1.3 billion by China Communication Constructions Company which is to invest in projects of the Port City that would involve the constructions of breakwater systems, seawater tunnels and land development was signed during CHOGM.
The other two investors who signed agreements are Property Alliance Capital (Pvt.) Ltd – an Australia-based company investing $ 450 million on a mixed project that involves the construction of an international shopping mall, shopping complexes and a condominium complex in Colombo 2 and two Hong Kong-based companies called Avic International Engineering and Nice View Investment Company, investing US $ 250 million on a mixed project based in Colombo 3.