Colombo Port (Financial) City; Govt. swings into action

The Cabinet of Ministers formally approved the ambitious Colombo Port City Project, perceived as Sri Lanka’s model of the future for business, leisure and offshore banking.

This venture with the People’s Republic of China was initiated by the previous Mahinda Rajapaksa administration. It became the object of bitter criticism by the United National Party (UNP) and the Sri Lanka Freedom Party (SLFP) – pro Sirisena faction – both during the presidential and parliamentary elections last year. Speakers on almost every platform charged that it raised environmental issues and compromised Sri Lanka’s sovereignty. Some even alleged that there was corruption over this unsolicited proposal.

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(Source: Sri Lanka Mirror)

China, Sri Lanka to redefine Colombo Port City project

Sri Lankan Prime Minister Ranil Wickremasinghe pointed out that the Port City would become part of turning the Western Province into a megapolis of 8 million people.

China and Sri Lanka have decided to redefine the controversial Colombo Port City project by making it an international financial outpost in the Indian Ocean, as part of the 20-year framework plan.

An upbeat Sri Lankan Prime Minister Ranil Wickremasinghe said during a media conference on Saturday that from a real estate project, a decision has been taken to develop the Port City into a financial hub in the Indian Ocean. “Sri Lanka has been planning to establish a financial and business hub in the Indian Ocean and we selected the port city to be the location (for this). So from a landfill and real estate (project), it has become a financial hub.”

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(Source: The Hindu)

Sri Lanka’s Port City to apply its own economic, commercial laws: PM

The proposed Financial City better known as the Port City will function as a special jurisdiction area with its own economic and commercial laws to facilitate operations of global multinational corporations, Prime Minister said.

Delivering the keynote address at the third South Asian Diaspora Convention, Prime Minister Ranil Wickremesinghe said the proposed city is ideal to fill the vacuum for a financial city along the trading route between the cities of Singapore and Dubai.

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(Source: LBO)

Krrish Needs green light from AG, UDA - BoI Chief

The highly-debated and long-delayed Krrish project – which recently recommenced initial construction work,  is yet to be given green light by the government as it had not completed its payment obligations due, The Sunday Leader learns.

However once cleared by the Urban Development Authority (UDA) and the Attorney General’s Department, the project has no impediment from the country’s investment promotion agency – the Board of Investment (BoI) of Sri Lanka, BoI Chairman Upul Jayasuriya told The Sunday Leader.

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(Source: Sri Lanka Mirror)

Development of smart cities: Ranawake to sign two MOUs with Singapore

Megalopolis and Western Development Minister Champika Ranawake will sign an MOU with the International Enterprise Singapore, which is under the Ministry of Trade and Industries of Singapore to share their experiences under the Colombo Megalopolis plan.

The Minister has obtained Cabinet approval to exchange experiences of Singapore for the development of smart cities in Sri Lanka under the Western Megalopolis plan.

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(Source: Daily News)

Sri Lanka’s Port City developer withdraws compensation claims

Sri Lanka’s port city developer CHEC Port City Colombo, who is handling the project for the Chinese investor, China Communications Construction, has agreed to withdraw all compensation claims for losses incurred due to the suspension of the project.

However, the cabinet has approved allocation of 2 hectares to them, without reducing the land extent of 62 hectares owned by Sri Lanka as a gesture to reciprocate their goodwill in completely waiving off all compensation claims.

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(Source: LBO)