By Manoj Bhadra Colombo, March 16 (FN Agency) Dispelling all concerns, the Colombo Port City officials are wooing Indian investors in the Sri Lanka project in contest with Dubai, Singapore and Malaysia. The Port City will hold road shows in India in the next two to three months to showcase the benefit of the project to Indian investors, Saliya Wickramasuriya, spokesperson for the Colombo Port City Economic Commission told UNI. Colombo enjoys a cost advantage of 80 per cent,76 per cent, 29 per cent and 21 per cent in terms of annual operating costs when compared with Singapore, Dubai, Hanoi and Kuala Lampur, he said.
Wickramasuriya said the Port City project was a Public Private Partnership (PPP) between the Sri Lankan government and CHEC Port City Colombo Pvt Ltd (Project Company) with an investment of $1.4 billion. “A total of $1.12 billion has been invested by the end of March 2021 and a further $380 million would be invested. The Sri Lsnkan government will hold freehold title to all 269 hectares of reclaimed land,” he added. The Colombo Port City Economic Commission (CPCEC) Bill was tabled for Parliamentary approval on April 8 last year. The Bill was approved by Parliament on May 20.
Yamuna Jayaratne, Director Sales and Marketing, CHEC Port City Colombo, said the project is made up of five different precincts, each with its own distinct identity: Financial District, Central Park Living, International Island, The Marina and Island Living. As of now, 105 hectares is ready for construction. The Sri Lankan government will provide 116 hectares of the total marketable land on a 99-year lease for CPCC to monetize whilst the remaining will be developed by the government. Wickramasuriya said Port City Colombo presents a developed infrastructure to help the Indian government set up R&D Centers and Innovation Labs on futuristic Technologies and Services addressing the untapped opportunities of the South Asian markets.
Some of the big opportunities to collaborate in the would include ITES, Big Data, Analytics, Robotics and AI to leverage the two countries technology talents and leverage opportunities that the region offers, he said. He said ports including the Western Container Terminal going to be developed by the Adani Group remains strategic for India. In the port of Colombo, 80 per cent of the business is transhipment. Of this, 70 per cent is to India and of that 70 per cent, 35 per cent goes to Adani-held ports. Wickramasuriya said India must play a pro-active role in building infrastructure in the Indo-Pacific and beyond. He said India and Sri Lanka extended the existing Science and Technology cooperation for three more years, at the India-Sri Lanka 5th Joint Committee held on January 20 this year. Indians constitute one of the largest groups of tourists visiting Sri Lanka — 20-25 per cent.