Port City: First project worth USD 100 billion to get underway

The first project of the Colombo Port City with an investment of USD 100 billion would be implemented in two phases by the Board of Investment (BOI), the Parliament Committee on Public Finance was told.

Parliament sources said that the Committee on Public Finance chaired by Anura Priyadarshana Yapa, had met in the Parliament complex, and been informed that the first phase of the establishment of this International Financial Centre, scheduled to be completed in 2025, would consist of an international grade – A high rise office tower, two high end residential towers and a retail podium.

Relevant order for recruitment of employees has been presented under the Strategic Development Projects Act. Accordingly, 75% of unskilled workers, skilled workers and higher-level employees will be recruited locally.

However, the Committee on Public Finance emphasized to the Board of Investment that such projects, which provide a number of tax concessions, must make a direct contribution to the overall economy of the country and the Committee approved the project.

In addition, the Committee on Public Finance approved the export quality tyre manufacturing project of ‘Ceylon Tyre Manufacturing Company (Pvt) Ltd.’, which is scheduled to commence this July inside the Hambantota International Port premises.

This project is expected to commence its commercial operations after 36 months. At this meeting BOI Chairman Dr. Sanjaya Mohottala, stated that although this is a project that will receive huge tax relief, the benefits will accrue to local rubber planters.

Committee Chairman Anura Priyadarshana Yapa, inquired from the BOI Chairman regarding the systematic increase in rubber production in the country. State Minister Susil Premajayantha drew the Committee’s attention to the high prices of Sri Lankan domestic products compared to other countries and Minister Vidura Wickremanayake also said that the tax relief received by foreign companies should flow to local industrialists as well.

At this meeting BOI Chairman Dr. Sanjaya Mohottala, was commended by all members of the Committee on Public Finance, including Dr. Harsha de Silva, for his professionalism.

Committee Chairman Anura Priyadarshana Yapa, Minister Sarath Weerasekera, State Ministers Susil Premajayantha, Vidura Wickramanayake, Dr. Nalaka Godahewa, MPs M.A. Sumanthiran, Dilan Perera, Dr. Harsha de Silva, Nalin Fernando, Anupa Pasqual, Prof. Ranjith Bandara, Isuru Dodangoda and Sahan Pradeep were present at the meeting.

It is also noteworthy that in the face of the prevailing Covid 19 situation, the relevant government officials were contacted, online, for the Committee in line with the health regulations.