Port City to start four mega projects with $1.5 bn
View(s):With infrastructure development slated for completion by the third quarter of 2023, the Colombo Port City, is set to attract foreign direct investment (FDI) amounting to US$1.5 billion during the development phase, a Finance Ministry report on investment opportunities has projected.
At least four mega projects with an investment inflow of $953 million were in the pipeline following the finalisation of necessary logistics and the regulatory frame work in accordance with the Colombo Port City Economic Commission Act, the report revealed.
The balance $547 will be invested in port city logistic and infrastructure development activities, a senior Finance Ministry official said.
Sri Lanka’s biggest FDI-funded port city development project has commenced with $1.4 billion committed by the project company, CHEC Port City Colombo Pvt Ltd, $1.2 billion having been already invested.
Thulci Aluwihare, Deputy Managing Director of the management company said they will implement marketing strategies and proceed with other matters of logistics as soon as possible after the enactment of new regulations. Port City Colombo is expected to add $13.7 billion per annum to Sri Lanka’s GDP when fully operational by acting as a hub for international investment, trade, finance, entertainment, leisure and other services, he added. Sri Lanka is to be on the rankings list especially with the brand-new infrastructure development of the Colombo International Financial City special economic zone and International Financial Centre currently under construction. Ajlan and Brothers Holdings has entered into a strategic cooperation agreement with CHEC in Riyadh, Kingdom of Saudi Arabia, forming a strategic partnership to jointly develop Port City International Financial Centre (CIFC) Phase 1, Marina Waterfront Commercial and Marina Hotel, Super Luxury Villa and Golf court.
It would kick-start the much-anticipated vertical development and business activities with the Port City Special Economic Zone (SEZ) Colombo and several key pilot developments.
A $7-million Duty-Free Shopping Mall, the first of its kind in South Asia, and a magnet for shopping and tourism, is also expected to open doors at the Port City Colombo in April 2023.
A new commercial high court with exclusive jurisdiction on the matters pertaining to the Colombo Port City will also be established.
It will have new functions in the country’s judiciary system with the introduction of new laws on environment, climate change and women empowerment.
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