Fizel Jabir
Having already attracted approximately US$ 1.4 billion in foreign development capital, the Colombo Port City is expected to attract a further US$ 12 billion in development capital to reach its full potential.
The project is expected to contribute US$ 24 billion to the GDP of Sri Lanka during its development phase and approximately US$13 billion on an annual basis when fully operational, Revan Wickramasuriya, Director General, Colombo Port City Commission told the Belgolux Economic Forum held recently in Colombo.
He said the European Union is the world’s largest and most sophisticated economic bloc and the presence of European businesses representing 27 member states, a population of over 450 million people and an economy of nearly EUR 20 trillion is particularly significant and that is where the partnership matters.
Wickramasuriya said Colombo Port City has entered a new phase, moving decisively from planning to execution. Nine land parcels totalling 130 hectares have been leased to developers and they expect to lease a further five land parcels within the rest of this year. He said construction activity has commenced and they were witnessing growing interest from developers, business professionals and individuals looking to make Colombo Port City a place to live, work and invest.
“Colombo Port City is not merely another development project. It is a strategic special economic zone designed to position Sri Lanka as a competitive regional hub connecting South Asia, East Asia, the Middle East, and most importantly, Europe. Sri Lanka’s greatest advantage is always being its location. Situated at the heart of the Indian Ocean, adjacent to one of the world’s busiest maritime trade routes, the country sits at the crossroads of global commerce. Within a relatively short flying time lies a market of more than 2 billion people, making Sri Lanka a natural gateway of trade, services, investment and regional commerce. Colombo Port City is designed to leverage precisely this advantage, he said.
Wickramasuriya said over the past year, the government has taken significant steps to restore macroeconomic stability, strengthen fiscal discipline and most importantly, rebuild investor confidence. The difficult decisions that have been taken are now will create the foundation for sustainable economic growth and renewed international engagement.
Colombo Port City is not merely another development project but a strategic special economic zone designed to position Sri Lanka as a competitive regional hub connecting South Asia, East Asia, the Middle East, and most importantly, Europe and Sri Lanka’s greatest advantage has always been its location, he added.
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