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Financial and business district at Sri Lanka’s China port city: Prime Minister

ECONOMYNEXT – Sri Lanka will have a ‘unique financial and business district’ in Colombo when a sea reclamation project by a Chinese firm is resumed, Prime Minister Ranil Wickramasinghe said.

"Hopefully if the Port City projects gets underway – there will be some sort of landfill there – that could have the makings of a special financial and business district which will be a unique one in South Asia," Wickramasinghe said at a ceremony marking 30-years of the formal establishment of the Colombo Stock Exchange.

The Port City project by a Chinese state firm was halted by Wickremesinghe after coming to power in January citing environment concerns.

Ministers in his cabinet have also sounded warning that the larger country may make a territorial claim, after countries like Vietnam were intimated by China with reclaimed sea.

Upul Jayasuriya said a report by a committee will be available for public comments in January 2015 and if concerns are addressed it could resume in the first quarter of 2015.

The project was flagged off by Chinese president Xi Jinping personally and analysts say China will not allow it to be scuttled.

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