- Last Update 2024-04-27 15:16:00
Japanese investor steps in for floating market project
A Japanese investor has entered into an agreement with the Urban Development Authority (UDA) the revive the Floating market in Pettah, Colombo.
A Memorandum of understanding was signed between the Japanese investor Akira Hirose and UDA Chairman Nimesh Herath for the maintenance and management of the Floating Market.
Under the MOU the location is to be developed as a floating market complex aimed at attracting tourists within a six month period.
The floating market project was opened in 2014 by the then Secretary of the Defence and Development Ministry Gotabaya Rajapaksa and Rs 352 million was spent on the project with the objective of recovering 50 per cent of the expenses within five years, but the project failed.
It was reopened in April 2021 when Gotabaya Rajapaksa was the President, after Rs 25 million was spent on the project, but it was a failure again.
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