Port City facilitates government’s “blue economy” initiative
The Colombo Port City (CPC) is lining up US$4 billion in investment in the short run moving the mega project on track to generate secondary investments from multiple sources on the directions of President Ranil Wickremesinghe, Investment Promotion Ministry sources asserted.
The Government plans to launch the blue economy concept via port city activities, sustainably using ocean resources to drive economic growth, improve livelihoods, and increase job opportunities, while preserving the health of the ocean ecosystem, a senior official of the ministry said.
This initiative will be facilitated by constructing international level testing vessels, marine floating laboratories, marine floating production facilities and marine floating herb labs, on an international scale at the new city, a top official of the China Harbour Engineering Company (CHEC) Colombo Pvt Ltd revealed.
The Monetary Board of the Central Bank and the Ministry of Finance has approved the Colombo Port City Economic Commission
(CPCEC) regulated offshore licenses for four banks initially.
The Central Bank has created a new class of account available for all banks under its regulatory purview, the Colombo Port City Investment Account designed to facilitate the inflow of funds to be used for investing in Colombo Port City.
The CPCEC has granted six fresh indenture of leases for a 99-year period to the investors valued at approximately $200 million. The investors have projected a collective investment
commitment of $ 600 million, Deputy Managing Director of CHEC Port City Colombo Thulci Aluwihare revealed.
It would generate approximately $12-13 billion of annual value addition as companies at the new city by providing services.
The Commission has now received 42 out
of the 74 plots technically completed by the Project Company, for which Completion Certificates have been issued to the
Project Company.
The Economic Zone at the city is now set to promote export services and attract foreign direct investments, he divulged pointing out that it would provide facilities for either doing business or create destination appeal for diverse international community including specially India shortly.
Infrastructure work at the region’s first Downtown Duty-Free (DF) Mall is now completed and interior fit-out will begin soon.
The Colombo Port City Duty-Free Regulations have been drafted and are awaiting Cabinet approval. The facility will be operated by two
of the world’s leading DF operators, positioning Colombo Port City as a regional shopping
destination.
A plan for the feasibility of a ‘remote check-in process’ and ‘checked-in baggage hauling’ for departing overseas travellers is currently being drawn up, to streamline their shopping experience, port city officials said.
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