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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Port City to attract US$ 20 billion investment

Port City to attract US$ 20 billion investment

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Sstar

Sstar
Vice President - Equity Analytics
Vice President - Equity Analytics
April 16, 2014 (LBT) - The Port City, aims to attract US$ 20 billion worth of investments on a 15 to 20 year range.

Addressing a meeting of the Sri Lanka - Germany Business Council of the Ceylon Chamber of Commerce recently, Dr Priyath Bandu Wickrama, Chairman of the Sri Lanka Ports Authority (SLPA) said that of the total 233 hectares of land reclaimed, the Chinese firm would be given 108 hectares in return for their investment.

“The Chinese firm will bring in another US$ 2.5 billion, on top of their initial investment to develop the reclaimed land allocated for the company. The land will be given on a 99 year lease contract,” said Dr Wickrama.

The Government will have 125 hectares and those lands would be given on lease for potential investors to set up projects. “Already, some local investors have shown interest to invest in the new city,” Dr Wickrama revealed.

The city will include modern office complexes, five star hotels, a Yacht Marina, residential apartments, recreational facilities, a mini golf course and many more.

"The new port city is one of the best deals, attracted by the SLPA", the SLPA chief told the gathering, where German Ambassador in Sri Lanka, Juergen Morhard was also present.

Dr Wickrama had been invited to the Sri Lanka - Germany Business Council to learn more about the proposed Port City and the Sri Lanka’s journey towards becoming South Asia`s Maritime hub and a Logistic centre.

Elaborating, Dr Wickrama said that the new port city would be built without the government spending a single rupee, while the Chinese firm that has got the contract would pump in US$ 1.34 billion to complete the first phase of the project.

The first phase will include, reclaiming the land, building the breakwater and developing the required infrastructure.

On other port related development activities, Dr Wickrama said that up to 2020, Sri Lanka is planning to invest US$ 10 billion to develop its ports sector. Already, since 2008, the Government has invested US$ 2.2 billion to develop the port and related infrastructure and added that a marketing campaign is now underway to bring in major shipping lines to call in Sri Lanka and also to attract investors from destinations such as USA, Europe, Middle East, and China, etc. to invest in Sri Lanka's port sector.

Commenting on the Hambantota Port and the Industrial zone, Dr Wickrama said SLPA had already attracted 18 investors for an investment value of US$ 1.8 billion.

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