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The Investor Sentiment - Equity and investments forum for Sri Lankans

The Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSEThe Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSE

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    Sri Lanka’s Port City project to be reviewed: Investment Promotion

    First Guy
    First Guy


    Posts : 2599
    Join date : 2014-02-22

    Sri Lanka’s Port City project to be reviewed: Investment Promotion Empty Sri Lanka’s Port City project to be reviewed: Investment Promotion

    Post by First Guy Sat Jan 17, 2015 9:48 am

    Jan 16, 2015 (LBO) – Sri Lanka’s port city project has to be fully reviewed due to its location at a high security zone , Minister of Investment Promotion said today.


    "The port city project has to be completely looked at because as we've always spoken about security concerns,” Kabir Hashim, Minister of Investment Promotion and Highways said.

    "We cannot have land given on freehold basis to another country in a high security zone and that is right in between the two main ports."
    The Port city is to be constructed between the Southern edge of the new Colombo South Port and the Fort Lighthouse. The total area of sea to be reclaimed is 252 hectares. There will be a 3.25km long breakwater and a large internal artificial canal in the city.

    Hashim said that there is no right for the port authority to involve in multi-complex project as port city but to deal with port and shipping.

    "There's been an absolute lack of transparency there,"

    "The implementing authority is the ports authority,"

    "Rightly speaking the ports authority does not have the mandate to do that. It should have gone through the ministry of finance. It should have come through the correct process,"

    "The ports authority is an authority. It has no right to get involved in a multi-complex project. Its mandate is to deal with ports and shipping,"

    "But this is nothing to do with ports and shipping. It's about development of housing complexes."

    An about 1.4 million US dollars will be invested to build the basic infrastructure including land, electricity and roads structures and further up to 2.0 billion US dollars once the entire infrastructure is completed.

    The port city will have shopping areas, water sports area, mini golf course, hotels, apartments, recreation areas and also marinas.

    The reclaiming of sea land has begun with China Harbour Engineering Company Ltd (CHEC) an affiliate of the China Communication Construction Co. Ltd (CCCC). The company will also develop breakwater, connected road network and supply of services, under the procedures adhered by the Government.

    The total investment comes from the company.

    An about 125 hectares of land area out of the total land area will be owned by the Government of Sri Lanka, whilst the rest will be retained by the Chinese company to cover their costs of expenditure.

    About 20 hectares will come under the company’s full ownership whilst the rest will be handed over under 99 year lease basis.

    The project will be put before the new Cabinet, Hashim said.

    “It is problem if we sell or presented our land which located at a high security zone to some other country,” Hashim said.

    "Our greatest concern is that it affects our sovereignty. If it's changing the coastline, it should be done properly with the full awareness and acceptance of everyone in the country."

    http://www.lankabusinessonline.com/news/sri-lanka%E2%80%99s-port-city-project-to-be-reviewed:-investment-promotion/448297046

      Current date/time is Thu Jun 20, 2024 12:31 pm