ECONOMYNEXT – Sri Lanka’s Chinese built Port City has attracted $1.6 billion investment to a raft of projects and the investors are waiting for the completion of legislation, State Investment Minister Dilum Amunugama said.
The Port City is situated on 269 hectare reclaimed land adjacent to the Colombo International Financial City, just off the coast of Colombo and next to the island nation’s main port.
However, criticism including from the United States that the Chinese-build land could be used for money laundering has reduced the Port City’s ability to attract investment.
Invested by China Harbour and Engineering Company (CHEC) and built by China Communications Construction Company, the Port City has started road shows to attract investments into the reclaimed lands which is divided into 118 plots including 46 Chinese marketable lands, 28 Sri Lanka government marketable lands, and 44 area lands.
Former British Prime Minister David Cameroon has led the road shows after being chosen by the Chinese company.
“17 companies have expressed interest for $1.6 billion and have been waiting for the completion of law with regard to the Port City,” Amunugama told reporters in Colombo at a media briefing.
“Operational legislations are completed. Only a few regulations are to be gazetted. So, that will take about a maximum of another two months,” he said, adding that investors can start the projects even now with the already enacted laws.
He said investors will be given the opportunity to choose the land plot regardless of the ownership.
“Investor does not care if it is government land or Chinese company land. They will look into the land they like. So, there is no issue on the land plot ownership,” he said.
“Whatever the block gets investment, it is considered as investment to Sri Lanka.”
The government is yet to have a rough estimate of annual revenue from the Port City project, though the plan is to attract $15 billion, Amunugama said. (Colombo/Oct 13/2023)