Port City to bring economic benefits for entire country’ | Daily News
Several local companies have already invested in it:

Port City to bring economic benefits for entire country’

CBA Chairman Ariyaseela Wickramanayake and Secretary Chaminda Vidanagama
CBA Chairman Ariyaseela Wickramanayake and Secretary Chaminda Vidanagama

Colombo Port City project will bring in far reaching economic benefits to entire Sri Lanka and especially to the Colombo business community.

Chairman Colombo Business Association Ariyaseela Wickramanayake said that it was wrong to say that Sri Lankans have been left out of the development of the Port City. Several local companies have already invested in it. “Browns Investments PLC, the strategic investment arm of the LOLC Group, has entered into a landmark agreement to partner China Harbour Engineering Company Limited to commence the Colombo International Finance Centre Mixed Development Project in the Port City (CPC) Colombo.My company, Master Divers too would invest in the Maritime sector operations of the CPC,” he disclosed.

He also said that the commission bill that was gazetted too is a ‘must’ towards the progress of the CPC. This proposed Commission, aimed at making Port City Sri Lanka’s first service-oriented specialised economic zone would also help to create a one stop shop granting approval in a matter of hours. Wickramanayake also recalled that the BOI zones too are created similar to Port City commission regulations and they have a separate set of laws but have never posed issues to Sri Lankans. Their investors too are offered huge tax benefits to woo them to invest in Sri Lanka since its creation in 1977. He said that his other company, Palwatte Dairies, was negotiating for three years to lease a 45 acre government land in Kurunegala to build Sri Lanka first export oriented dairy but have still failed.

“Investors come with the money and they want to sign up and start work the next day. They can’t waste time for approvals and if this happens they would be snatched up by other countries.”Wickramanayake said that Master Divers was one of the first companies to do a feasibility study over a decade ago and out of the 178 hectares of marketable land in the Port City, the Sri Lanka government will own and manage and make profits from 62 hectares of land. It’s not right to say that Sri Lanka doesn’t have a foot hold in it.” CPC would be a catalyst for economic revival as it would provide over 83,000 high paying employment opportunities and will completely change the economic fabric of the nation.”

Meanwhile, CBA Secretary Chaminda Vidanagamasaid that it would be their association and 25 of their associate associations that would protest the creation of CPC if it was detrimental to them. “We see demand for our wholesale products improving, land value moving up, house rentals increasing and in short, high volume of additional business due to the CPA.” He said that the CPA will also bring in more Forex to Sri Lanka resulting in rupee stabilisation.

“Port City Project development is the single biggest investment in the history of Sri Lanka attracting not only Chinese but other investors from all over the world and will certainly benefit the Colombo business community in a big way.”