The Urban Development Authority (UDA) since its inception in 1978 has invested Rs. 15 billion until 2015 and since then has invested 45 billion to date for mega investment projects, said Megapolis and Western Development Minister Patali Champika Ranawaka.
He was speaking at the 40th anniversary of the UDA.
The Minister said two of the mega development projects the Light Railway project in Colombo at a cost of US $ 7.5 billion and the constriction of building of the Prot City (after completion the piling end of this year) would commence early next year. He said that the Prot City will also see a 60 storeyed Colombo International Financial centre, Marina, International University and several other hotel, office and apartment projects.
He said that UDA would get involved in the infarstuctor development of the Port City by providing electracity,water, garbage disposal and also connecting a transprot network linking it with the Colombo city and the Colombo airprot.
The Minister said that the Port City proposal was revisited after the change of government and many enviormental issues were addressed and building plans were adjusted so that theere would be no enviormental impact on the coutnry.
The Minister also said that they have done a study on migration of people and currently over 18% of Sri Lanka’s population live in the Colombo City. “We expect this to increase to 50% by 2025.”
To meet the housing demand for this migration the UDA will invest over Rs. 3.8 billion to build 20,000 housing units by 2020.
Minister said that today as Sri Lanka has migrated to a middle income country the Free trade Zone concept in no longer viable as the country cannot offer cheap labor.”
This is why the UDA is promoting Techno parks where ICT based solutions and services Nano technology and other fourth industrial production investments are taking place from Homagama to Kaduwela.
The UDA are now planning to create similar techno parks in Kandy, Galle and Kurunegala.” Minister while outline plans to develop several other cities including Jaffna said that today UDA is self sufficient.
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