The infrastructure development activities of Port City Colombo, the largest foreign direct investment (FDI)-driven project in Sri Lanka, are slated to be completed by the end of this year, Investment Promotion Ministry Secretary M.M. Nayeemudeen said.
He stated this during the National Steering Committee meeting held at the Investment Promotion Ministry on Tuesday.
“The project implementation is now in full swing, with the land reclamation work already completed in 2019. As such, the infrastructure work and landscaping work are progressing and nearing the full completion,” Nayeemudeen pointed out.
He also stressed the importance of carrying out the infrastructure development activities according to a predetermined schedule, so that the deadlines can be met in time.
Accordingly, he instructed the relevant officials to adhere to a time frame and complete the balance construction activities.
Furthermore, Nayeemudeen assured his intervention to clear up the hindrances that may pop up in future, in order to ensure the smooth operation of the Port City Colombo project.
Officials representing various ministries and institutions, including the Defence Ministry, Public Security Ministry, Colombo Port City Economic Commission, CHEC Port City Colombo (Pvt.) Ltd, Sri Lanka Port Authority, Colombo Municipal Council and Road Development Authority, participated in the meeting.
The Port City Colombo project, with US $ 1.4 billion FDI, is co-developed by the government of Sri Lanka and CHEC Port City Colombo (Pvt.) Ltd, under the theme of the Belt and Road Initiative.
The Port City will have 6.30 million square metres of build up space once it is fully completed. In terms of the land area, out of 269 hectares of land acquired, 178 hectares will be made available for investment opportunities in the future. The project, once completed, will have a knock-on effect on the property value of the country.
With infrastructure development slated for completion by the third quarter of the New Year 2023, Colombo Port City Colombo, is set to attract foreign direct investment (FDI) amounting to US$1.5 billion during the vertical development phase, finance ministry report on investment opportunities projected.
At least four mega projects with an investment inflow of $953 million were in the pipeline following the finalization 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, 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 is currently under construction.