The Colombo Port City and the enabling legal framework is expected to bring about an immediate boost to the economy and sustain a growth trajectory going forward. Construction within Port City alone is expected to bring about 100,000 jobs shortly. State Minister of Capital Markets Ajith Nivard Cabraal cited the project as a turning point in the economic history of Sri Lanka.
Cabraal said, “It will be a turning point. Once these developments take place we will be able to grow fast. Sri Lanka will change its course of history.”
 Minister Ajith Cabraal
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Cabraal was speaking on May 8 at an International Chamber of Commerce organised a webinar on Colombo Port City.
The Supreme Court has given its opinion and on the advice given by the Attorney General’s Department, the law is expected to be passed in parliament by May 19.Previously raised concerns by the religious clergy and other civil activists have been cleared by the government.
Cabraal was confident of the political and economic vision of the Port City. He said, “J R Jayewardene when he was President wanted to compress the Mahaweli project of 30 years into 6 they said it could not be done. When then-President Mahinda Rajapaksa said we are going to finish the war everyone thought it would not be possible.”
Cabraal noted the development expertise of the current government with notable modern infrastructure projects. He said, “The infrastructure development that took place was a game-changer.”
“With regards to our law, we decided that there should be a single window for all investors so that they would be very comfortable.”
Cabraal underscored the importance of laws in line with other regional powerhouses. He said, “It is important for us to understand that this project is all about implementation. It has all the features of Dubai, Singapore, Malaysia, and Shenzhen. They will all be our competitors.”
“The agency should be able to ensure that they have the wherewithal to move forward. What happens in Singapore? In Singapore, it happens in one day. They are on top of the tables in terms of doing business. Any agency that we have to provide support to investors should have their matters dealt with in speed. They shouldn’t have to wait in rusty corridors as has happened in the past in Sri Lanka.”
Cabraal acknowledged the weak ease of doing business ranking of the country. He said, “We know where we are. We are not flattered by our position. We are working on a separate venture to get there. We need some short term gains and we need a place in Sri Lanka where people can come in and do business.”
