Colombo Port City to commence four mega projects attracting US$ 1.5 billion of FDI
The Colombo Port City is set to attract US$ 1.5. billion of foreign direct investments (FDI) in its initiative of commencing mega projects contributing to development under the Colombo Port City Economic Commission Act, a report by the Finance Ministry revealed.
Accordingly, at least four mega projects with an investment flow of about US$ 953 million are to commence whilst the balance US $ 547 million will be attracted in logistic and infrastructure development activities.
These development initiatives come in with the infrastructure development slated for completion by the third quarter of 2023, and are said to be of potential investments greater than the island nation’s biggest FDI-funded Port City development project commenced earlier, with an amount of US $ 1.4 billion committed by China Harbour Engineering Company (CHEC) Port City Colombo Pvt Ltd, having US$ 1.2 billion already invested.
Company Deputy Managing Director Thulci Aluwihare said they will implement marketing strategies and proceed with other matters of logistics as soon as possible after the enactment of new regulations.
The Colombo Port City is expected to add US $ 13.7 billion per annum to the country’s gross domestic product (GDP) in its full manifestation as an economic hub in Sri Lanka featuring international investment, trade, finance, entertainment, leisure and other services, Aluwihare added.
It was earlier revealed that Ajlan and Brother Holdings, one of the largest business partners in the Middle East, entered into a strategic cooperation agreement with CHEC in Saudi Arabia to jointly develop the Colombo Port City, i.e. the Phase 01 of Port City International Financial Centre (CIFC), Marina Waterfront Commercial and Marina Hotel, Super Luxury Villa and Golf Court.
With the all-new infrastructure development at the Colombo International Financial City Special Economic Zone and the International Financial Centre currently under construction, the island nation is set to be on the ranking lists, and these initiatives may spark the vertical development and business operations within Port City.