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India largest target market for Port City project: Sri Lankan official
The Colombo Port City Economic Commission wants the “Port City to be an international city” and looking at more detailed, bespoke and customised solutions to “create value propositions for key anchor investors”, director general Saliya Wickramasuriya has said in an interview in an interview with The Hindustan Times ((HT)
The Indian subcontinent is the largest target market for the $1.12-billion Port City Colombo, which will build on ongoing political alignment between Sri Lanka and the country to offer key opportunities to Indian businesses, says the head of the commission overseeing the project.
Colombo Port City Economic Commission director general Saliya Wickramasuriya said in an interview that the project will offer opportunities both to Indian players, that already have a presence in Sri Lanka, and to those making their maiden foray into the island nation. He highlighted the separate laws being enacted for the port city and bespoke business solutions as its main attractions for Indian investors.
“With the changing economic circumstances both here and overseas, our target market is shifting slightly and the value proposition has to change accordingly…While there is recovery, there are still economic constraints everywhere and there are political disturbances everywhere,” Wickramasuriya said.
“So what we’re looking here is building on the relationships that already exist with entities who have invested in Sri Lanka. In particular, the Indian subcontinent is by far our largest target market,” he added.
The commission wants the “port city to be an international city” but it is also looking at more detailed, bespoke and customised solutions to “create value propositions for key anchor investors”, Wickramasuriya said.
Port City Colombo is being implemented by China Harbour Engineering Company, part of the China Communications Construction Company, to create a city on land reclaimed from the sea and extend Colombo’s central business district. The project consists of 269 hectares of reclaimed land, and the developers of the project are hoping it will benefit from a recent increase in economic cooperation between India and Sri Lanka.
The Indian side has provided a $500-million line of credit for purchasing fuel and a currency swap of $400 million under the Saarc facility. It has also deferred the payment of $515 million due to the Asian Clearing Union. The two sides also finalised the long-gestating project to refurbish and develop the Trincomalee oil farm, a storage facility with a capacity of almost one million tonnes.
Wickramasuriya acknowledged the economic problems currently being faced by Sri Lanka but was upbeat that the growing political alignment with India will benefit the project.
“I think bridges are being strengthened on the political front, which is good because it’s something we should do and keep doing with India, our oldest and biggest trading partner and also home to our largest contingent of arriving visitors,” he said.
Highlighting the port city’s potential for commercial and retail activities, he added, “There’s a lot of potential for Indian businesses to move one step closer to the world by coming to Sri Lanka, because a lot of Indian goods get trans-shipped through Sri Lanka…So, this is why we are offering an international financial centre concept in a convenient physical location for businesses that are in the goods and services movement business.”
The Colombo Port City Economic Commission is currently working on a set of 10 key policy frameworks and regulations, including regulations for banking and finance, setting up and winding down businesses, immigration, dispute resolution.
“Those regulations are being drafted and we are sealing up the ease of doing business indicator types. I would say by the end of April, we should be able to roll out our drafts to the market…,” Wickramasuriya said.
The U.S. Embassy in Colombo welcomed the U.S. Sports Envoys to Sri Lanka, former National Basketball Association (NBA) and Women’s National Basketball Association (WNBA) players Stephen Howard and Astou Ndiaye, from June 8 through 14.
The Public Diplomacy section of the U.S. Embassy said that it would launch a weeklong basketball program intended to harness the unifying power of sports, made possible through collaboration with Foundation of Goodness and IImpact Hoop Lab.
While in Sri Lanka, Howard and Ndiaye, both retired professional basketball players, will conduct a weeklong program, Hoops for Hope: Bridging Borders through Basketball. The Sports Envoys will lead basketball clinics and exhibition matches and engage in leadership sessions in Colombo and Southern Province for youth aged 14-18 from Northern, Uva, Eastern and Western Provinces, offering skills and leadership training both on and off the court. The U.S. Envoys will also share their expertise with the Sri Lanka Basketball Federation, national coaches, and players, furthering the development of basketball in the country. Beyond the clinics, they will collaborate with Sri Lankan schoolchildren to take part in a community service project in the Colombo area.
“We are so proud to welcome Stephen and Astou as our Sports Envoys to Sri Lanka, to build on the strong people-to-people connections between the United States and Sri Lanka,” said U.S. Ambassador Julie Chung. “The lessons that will be shared by our Sports Envoys – communication, teamwork, resilience, inclusion, and conflict resolution – are essential for leadership development, community building, equality, and peace. The U.S. Sports Envoy program is a testament to our belief that sports can be a powerful tool in promoting peace and unity.”
SJB Colombo District MP Mujibur Rahuman in parliament demanded to know from the government the reasons for CEB suspending the leave of all its employees until further notice from Thursday.
MP Rahuman said that the CEB has got an acting General Manager anew and the latter yesterday morning issued a circular suspending leave of all CEB employees with immediate effect until further notice.
“We demand that Minister Kanchana Wijesekera should explain this to the House. This circular was issued while this debate on the new Electricity Amendment Bill was pending. There are many who oppose this Bill. The Minister must tell parliament the reason for the urge to cancel the leave of CEB employees,” the MP said.However, Speaker Mahinda Yapa Abeywardena prevented Minister Wijesekera responding to the query and said that the matter raised by MP Rahuman was not relevant.
The Chartered Institute of Personnel Management (CIPM) successfully concluded the 8th Annual CIPM Symposium, which took place on 31st May 2024. Themed “Nurturing the Human Element—Redefining HRM in a Rapidly Changing World,” the symposium underscored the pivotal role of human resource management (HRM) in today’s dynamic global landscape. Since its inception in 1959, CIPM has been dedicated to advancing the HR profession through education, professional development, and advocacy, solidifying its position as Sri Lanka’s leading professional body for HRM.
Ken Vijayakumar, the President of the CIPM, graced the occasion as the chief guest. The symposium commenced with the welcome address by the Chairperson, Prof. Arosha Adikaram, followed by the Web Launch of the Symposium Proceedings and Abstract Book by the CIPM President. The event featured distinguished addresses, including a speech by Chief Guest Ken Vijayakumar, President of CIPM, and an address by Guest of Honor Shakthi Ranatunga, Chief Operating Officer of MAS Holdings Pvt. Ltd., Sri Lanka.
The symposium also featured an inspiring keynote address by Prof. Mario Fernando, Professor of Management and Director of the Centre for Cross Cultural Management (CCCM) at the University of Wollongong, Australia.
Vote of Thanks of the inauguration session was delivered by Dr. Dillanjani Weeratunga, Symposium Co-chair.
The symposium served as a comprehensive platform for researchers to present their findings across a wide range of critical topics in HRM. These included Cultural Diversity and Inclusion, Talent Development and Retention, Ethical Leadership and Corporate Social Responsibility, Adapting to Technological Advancements, Mental Health and Well-being at Work, Global Workforce Challenges, Employee Empowerment, and Reskilling and Upskilling.
The plenary session was led by Prof. Wasantha Rajapakse. Certificates were awarded to the best paper presenters during the valedictory session, followed by a vote of thanks delivered by Kamani Perera, Manager of Research and Development.
The annual symposium of CIPM was a truly inclusive event, attracting a diverse audience that spanned undergraduates, graduates, working professionals, research scholars and lecturers. This widespread interest highlights the symposium’s significance in the field of HRM, offering a unique opportunity for everyone to network and learn from scholarly brains.The CIPM International Research Symposium was sponsored by Hambantota International Port, Sri Lanka Institute of Information Technology (SLIIT), E B Creasy & Co. PLC, and Print Xcel Company.
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
