In the PRESS

Tax exemptions for CHEC Port City project

The Government yesterday presented to Parliament a Gazette notification to grant tax exemptions to the CHEC Port City Colombo (Private) Limited under the Strategic Development Projects Act.

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Marine life not affected by Port City Project

The National Aquatic Resources Research and Development Agency says sonar inspections have revealed that the Colombo Port City project currently underway does not harm fisheries activities.

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Colombo Financial City Project: NO IMPACT ON FISHERIES INDUSTRY: NARA

The National Aquatic Resources Research and Development Agency (NARA) yesterday reassured that the construction work on the Colombo Financial City in the sea off Galle Face Green has had no impact on the fisheries industry or on fisheries activities in the Western, North Western or Southern Provinces.

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New Laws for Port City – Malik Samarawickrama

Minister of Development Strategies and International Trade, Malik Samarawickrama, in an interview with Ceylon Today said new laws will be passed to cover the economic criteria such as exchange rates at the Colombo Port City, but when it comes to criminal offences, the general law will be applied. He also said the Port City will have desalination plants and renewable energy in case of a shortfall in water and power and that there will be no geopolitical conflicts.

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Economists, experts air their views : Port City Project

Work on the USD 1.4 billion Port City Project in Colombo, which is expected to transform the landscape of the country with multiple benefits to the economy, is progressing smoothly with the filling of land taking place currently, a top official of the Ministry of Megapolis and Western Development said.

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Parliament approves several orders under Strategic Development Projects Act:To grant tax exemptions to Port City Project

Parliament yesterday, approved several Orders under the Strategic Development Projects Act to grant tax exemptions to the International Financial City (Port City Project) in Colombo and a Mixed Development Project in an eight acre land in Slave Island.

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Extra land for public use

The new agreement between the Sri Lankan government and China for the Colombo Port City and Financial City has renegotiated extra land for public use, the Daily News reliably learns.

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MPs on inspection tour of Port City site

A group of MPs undertook an inspection tour of the Port City site, on board Asia’s largest suction hopper dredger “Jun Yang 1” on Wednesday (22nd February)

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MPs on inspection tour of Port City site and dredger

A group of MPs took an inspection tour of the Port City site as well as going on board Asia’s largest trailing suction hopper dredger Jun Yang 1 on Wednesday 22 February.

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What is the reason for the decrease of fish in Poruthot?

A group of Parliamentarians inspected the Port City site and also visited Asia’s largest trailing suction hopper dredger “Jun Yang 1” which is involved in the project.

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Port City: Achieving harmony between man and sea through mitigation

In November 2015 when the weather on the western coast of Si Lanka was relatively calm and the sea was less turbulent, the National Aquatic Resources Research and Development Agency (NARA) commissioned six boats to investigate the marine life in this part of the Indian Ocean. The objective was to examine how dredging could be done for Sri Lanka’s largest private sector investment project yet: Colombo Port City.

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Colombo Port City: For or Against development?

The Port City project has proved one thing, that the old ways are no longer the best ways; but the small boat fishermen in and around the Negombo area are learning this the hard way. This is because they are continuing to battle with arguments about where the dredging can happen for the reclamation work of Colombo Port City, even though scientists who have conducted extensive research have clearly mapped the locations sand could be extracted from, with minimum impact to fisheries activities.

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Will Port City be next Singapore?

There are many Christmas trees in the malls down Orchard Road in Singapore. In fact, when one takes the ride from Changi Airport into the city these days, the tourism promotion machinery begins with the taxi drivers promoting the Christmas decorations of this famous shopping district.

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Tug of war on Port City

Former President Mahinda Rajapaksa, on Sunday, issued a statement criticizing the government’s constitutional reform process which was launched in line with the President Maithripala Sirisena’s election manifesto, in January, 2015.

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MPS on inspection tour of Port City site and dredger

A group Of MPs took an  inspection tour of the Port City Site as well as  going on board Asia;s largest tralling suction hopper dredger Jun Yang 1 on Wednesday 22 February.

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MPs on inspection tour of Port City site

A group Of MPs Made an Inspection tour of the port City site and went on board Asia’s Largest trailing suction hopper dredger “Jun Yang 1” on February 22.

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Ranil and Xi talk investment in Davos

Chinese President Xi Jingping yesterday met with Prime Minister Ranil Wickremesinghe on the sidelines of the World Economic Forum in Davos, Switzerland where discussions on the Hambantota port, investment zone and the Port City projects unfolded.

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Good Governance entrenched

As President Maithripala Sirisena steps into his third year in office, the country is poised to undertake a massive socio-economic development programme titled a “three-year programme for sustainable development.” The ‘three-years’ obviously refers to the remainder of the Government’s term, but the idea is that these development principles would essentially remain over the next decade at least regardless of political developments.

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Be prepared for impending global changes: Amunugama

Minister of Special Assignments Dr. Sarath Amunugama was the Chief Guest on 11 January at a conference on ‘Human Capital, Food Security and Economic Development’ held at Hotel Galadari, organised by the Institute of Policy Studies in collaboration with the Centre for Development Economics and the South Asia Research Network of Monash University of Australia.

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‘Hambantota mega economic zone to have 2,500 new industries’

‘The proposed mega economic zone in Hambantota will have 2,500 new industries. This will be in tune with Sri Lanka’s initiative to be a notable industrialized country, Minister for Special Assignments Dr. Sarath Amunugama said.

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Truth Commission nears finalization

Minister of Foreign Affairs Mangala Samaraweera in London said that the Reconciliation Mechanisms Committee will be studying the recently submitted Consultation Task Force (CTF) Report and finalize the designing of a Truth-Seeking Commission and…… a Reparations Office.

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Sri Lanka welcomes investment

Sri Lankan Prime Minster Ranil Wickremesinghe and Chinese Ambassador to Sri Lanka YI Xianliang attended the launch of an industrial zone in the Hambantota district on January 7. It is reported that hopefully China will invest billions into the zone within the next three to five years. What businesses does the Sri Lankan government plan to develop in the industrial zone? How will the zone help in the development of Sri Lanka?

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Is Yahapalanaya trapped in CNN Effect?

European Commission (EC) last Thursday proposed to restore the special concessions under the Generalized Scheme of Preferences Plus (GSP Plus) facility to Sri Lanka, probably the only silver line in sight amongst many dark clouds that are looming over the current Unity Government of President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe.
However, the removal of customs duties would be accompanied by rigorous monitoring and conditional on continued commitment to sustainable development, human rights and good governance.

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Sri Lanka expects higher growth in 2017, but drought a risk

Sri Lanka’s economy is expected to expand 5.5-6.0% in 2017, up from an estimated 4.5-5.0% last year, as growth momentum picks up but downside risks remain, particularly from the drought, Central Bank Governor Indrajit Coomaraswamy said.

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Port City: Achieving harmony between man and sea through mitigation

In November 2015 when the weather on the western coast of Si Lanka was relatively calm and the sea was less turbulent, the National Aquatic Resources Research and Development Agency (NARA) commissioned six boats to investigate the marine life in this part of the Indian Ocean. The objective was to examine how dredging could be done for Sri Lanka’s largest private sector investment project yet: Colombo Port City.

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Year 2017 Rhetoric vs Reality

It has been already announced that there will be radical political and economic changes in the New Year. Underlying all this will be the urgent need to boost the economy in a manner that people can be given some of the benefits they expected through the creation of the Yahapalana government.

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Will Port City be next Singapore?

There are many Christmas trees in the malls down Orchard Road in Singapore. In fact, when one takes the ride from Changi Airport into the city these days, the tourism promotion machinery begins with the taxi drivers promoting the Christmas decorations of this famous shopping district. They are not far wrong, as the decorations certainly live up to the promise and there is no escaping bumping into someone from Colombo every so often, as many have taken flight to enjoy the consumer commercialism that Singapore excels at offering.

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Colombo Financial City, filling a vital vacuum

The Financial City being built in Colombo with Chinese assistance would fill the vacuum for offshore financial services between Singapore and Dubai, Prime Minister ranil Wickremesinghe said.

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China a special friend of Sri Lanka – Rajitha

The long standing friendship between China and Sri Lanka is strengthened day by day and China has already assisted Sri Lanka’s development process significantly, Health Minister Dr.Rajitha Senaratne said..

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Ranil on how China will help transform Sri Lanka

Sri Lanka will buy more military transport planes from China and seek its help in transforming its failed Hambantota port into a hub comparable with Shenzhen, Prime Minister Ranil Wickremesinghe told This Week in Asia in an exclusive interview.

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Government Assures Potential Investors Stable Policy

The government has assured potential investors a stable policy and invited them to make use of the opportunity in the country.

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Sri Lanka eyes bigger role for private sector

Sri Lanka’s evolving trade and investment laws and their impact on FDI levels will be analysed in a report on the country by the global publishing firm Oxford Business Group (OBG).

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Sri Lanka’s economy marches slowly into 2017

Sri Lanka’s meandering economic progress received a boost in November 2016 with the announcement of the proposed 2017 Budget. Under the watchful eye of the IMF, reversing flagging revenue collection is finally the centrepiece for fiscal consolidation after more than a year of policy disarray.

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Port City work in full swing

Sand is dredged from the sea and sprayed during reclamation work currently being carried out for the construction of US $ 1.4 billion Colombo Port City project adjacent to the Colombo Port. The Cabinet is said to have approved sweeping tax exemptions for the project, which resumed work recently, after a lapse of over 13 months. President Maithripala Sirisena’s government which came into power in January 2015, suspended the project over irregularities in the environmental certificates of the project.

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Environment Concerns Linked To Port City Cleared

Environment concerns linked to the Chinese funded Port City Project have been cleared.

Members of an Environmental Monitoring Committee (EMC) appointed by the Coast Conservation Department (CCD) to oversee the environmental compliance of the Colombo Port City development project made an inspection tour at the project site.

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Key insights into 2017 Budget at Daily FT-Colombo Uni. MBAA Forum

The Daily FT-Colombo University MBA Alumni Association organised 2017 Post Budget Forum in association with HSBC last week highlighted several key insights in to the Government’s latest fiscal program as well as medium term plans.

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Sri Lankan real estate sector sees office demand spike

The office segment of Sri Lanka’s property market is likely to see rising levels of activity over the next few years, as developers scramble to bridge a shortage of premium space.

There is an expanding gap between available space and demand in Colombo, according to a recent report by international property firm JLL, with a shortage of Grade A office stock in particular.

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Economic partnership with Japan has developed beyond trade and tourism

The President of the Sri Lanka-Japan Business Co-operation Committee (SLJBCC) said that the close economic links between Sri Lanka and Japan had expanded beyond trade and tourism, requiring both nations to work together as “partners in progress”.

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Europe’s futurist upbeat about Sri Lanka

Dr. Patrick Dixon, a globally- acclaimed futurist and a growth strategist says he is very upbeat about Sri Lanka’s future and our culture of innovation.

Dr. Dixon, the Chairman of Global Change Limited and the co-founder of Global Innovators made this observation, when he addressed CEOs of the Sri Lankan firms at the Ceylon Chamber of Commerce recently.

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Port City Project will not affect fisheries community: Amaraweera

 The Port City Project will never hinder the livelihood of the fisheries community. The Port City Project has provided Rs. 500 million to the Fisheries Ministry to cater to the welfare of the fisher folk, Fisheries and Aquatic Resources Development Minister Mahinda Amaraweera said.

Addressing a meeting at the Negombo Town Hall, Amarweera said no one could cry halt to the Port City Project because it was a major cross road in the country’s development effort and forward march.

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Port City officials inspect granite quarry sites

The Megapolis, Port City and project contractor China Harbour Engineering Company (CHEC) have begun inspections of the quarries that will be supplying quarry material for the Port City project.  According to the Supplementary Environmental Impact Assessment (SEIA), only licensed quarries can be used for the supply and the inspection tours are to ensure that all the conditions stipulated in the environment approvals are properly met.

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Transforming Sri Lanka Into A Global Financial Hub

With the proposed Colombo International Financial Center (CIFC) anticipated to luring in foreign exchange worth nearly five percent of Sri Lanka’s GDP (Gross domestic product) within five years of operations whilst within a decade this  share is to reach at least 12% of GDP; Colombo Port City has once again come to limelight.

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Colombo Port City Project: Monster or transformative opportunity?

Since the beginning of the recent presidential election campaign, development projects initiated or implemented by the Rajapaksa administration have come under severe criticism by the opposition, mainly on the grounds of corruption or wasteful expenditure. Although the allegations are still being made and are yet to be substantiated in a court of law it is reasonable to assume that a perception has been created among the public against corruption and malpractices. However, long term socio-economic benefits of most of these projects have not been questioned by even the anti-corruption critiques.

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Port City Project Should Proceed

The construction of the Colombo Port City should proceed, say a number of business leaders, who claim that the farce of environmental concerns was a mere gimmick propagated by certain politicians during the pre presidential poll to harness more votes. “The most important aspect is the long-term economic benefits to the country. There have been concerns voiced on various projects undertaken over the years such as the Mahaweli Project, certain tourism projects such as Kandalama Hotel and the recent South Harbour Expansion Project. But today Sri Lanka is enjoying the benefits of all such projects.

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Sri Lankan government rules out corruption in Port City Project

COLOMBO, April 23 (Xinhua) — The Sri Lankan government on Thursday said that there was no corruption involved in a multi billion dollar Port City Project in the island nation.The Sri Lankan government also said that the only concern was if the proper procedures had been followed.The Colombo Port City Project solely financed by the China Communications Construction Company Limited (CCCC) was temporarily suspended by the new Sri Lankan government last month after concerns were raised over some aspects of the project.

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Ranbhumi Rally enjoys fitting finale at Galle Face Green

The Ranbhumi Rally for Unity, spearheaded by MTV/MBC Networks and News First together with the National Youth Services Council and the Colombo Port City Project, concluded on a high note at the Galle Face Green, Colombo on 9th June 2015. With a massive crowd that poured in from all across the districts, this finale event proved to be the pinnacle of unity building, successful achievement through development and a huge step towards a peaceful nation.

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Chinese companies donate over 14,000 USD to provide clean water for northern Sri Lanka

Two Chinese companies have jointly donated over 14,000 U.S. dollars to construct five wells in the northern Sri Lanka to provide clean water for the war-torn residents.
Following a request by the Scar Vita humanitarian aid and relief project in Sri Lanka, the China Communications Construction Company Colombo Port City Project Company and China Harbor Sri Lanka Area Company donated 14,400 U.S. dollars towards constructing the wells.

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Check Your Facts And Figures

In a strongly worded statement China Chamber of Commerce in Sri Lanka last week, warned that halt of China-led projects would result in dire consequences for the Indian Ocean Island economy.
“China is the only country which created the most number of jobs for Sri Lankan youth post-war. Furthermore, China is growing to become a leading source market for Sri Lanka tourism creating or sustaining jobs in hotels, tea, gem, transportation and other related business,” said China Chamber of Commerce in Sri Lanka Spokesman Chen Chuan.

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Reclamation of sea for real estate development

During the recent past, a number of small states and micro states surrounded by sea have resorted to reclaiming the sea as a means of overcoming natural limitations on infrastructure and real estate development.

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Whatever Sri Lanka’s election result, China’s back in business

Work on a landmark Chinese-backed waterfront development in Colombo could resume after next Monday’s general election in Sri Lanka, even if Beijing’s preferred candidate for prime minister, ex-President Mahinda Rajapaksa, is defeated, the Reuters reported.

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Sri Lanka softens stance on China-backed port project

Sri Lanka is offering a compromise that could allow a major Chinese-backed real estate project to restart after months of delays, Finance Minister Ravi Karunanayake told Reuters on Monday.

The minister’s comments come a week before a parliamentary election in which the ruling party has an edge over an Opposition led by Mahinda Rajapaksa. The China-friendly ex-president, who was ousted in January, is attempting a comeback.

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Why a Chinese port operator is a key player in Indian cargo

South China Morning Post: A Chinese port operator in Sri Lanka has become a major conduit of Indian trade, despite the strategic tensions over China’s growing reach in the Indian Ocean.

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Western Region Megapolis Plan to be unveiled in Jan 2016

The new government’s flagship Western Region Megapolis Plan (WRMPP) is to be unveiled in January next year following Cabinet approval.
It will be presented to local and foreign investors in January to attract investment for the development projects in the Western Region as it contributes about 45 per cent of the Gross Domestic Product (GDP) making it the leading economic drive in the country..

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China, India and Hong Kong top investors in Sri Lankan real estate: Lamudi

China, India and Hong Kong are the top three countries currently investing in the Sri Lankan real estate market, according to new research from online real estate platform, Lamudi Sri Lanka.

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Mark Mobius shares his mantra for Sri Lanka

Emerging markets guru Dr. Mark Mobius yesterday declared Sri Lanka has great potential, provided the country gets its policies right, especially on taxation and infrastructure development to lure more foreign direct investment as well as bolster the local private sector.

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Port city project will resume under new agreement

The Government says the port city project at Galle Face will resume under a new agreement following an environmental assessment.
State Minister Sujeewa Senasinghe said that the port city project deal is being renegotiated with China to ensure it meets the best interest of Sri Lanka.

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Recreating the new urban complex

The Western Region Megapolis Development Plan, the flagship development project of the new administration to put the island’s western region on the world map as an attractive destination with solid infrastructure, is now in the planning stage, supervised by keen-eyed Singaporean experts.

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‘Science’ is the best outpost for attack or defense Port City Project

Last week, a respondent in an objection to the controversial Port City project, rebuked the petitioner for orchestrating a ‘Maadya Senakeliya’ or a media circus. The petitioner was an environmentalist, pleading court to consider massive and negative impacts on the environment should the project is given the go ahead.

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Should SL abandon Port City Project?

Farmers of Uddandarayunipalem in Andra Pradesh, India are living in a new dream these days. They dream of shopping malls, apartments and jobs instead of Hyderabad Biriyani or Thelagana’s signature cuisine Tamarind rice, as they seemed to be convinced that they have hit the jackpot.

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Port City To Be Expanded

Minister of Megapolis and Western Development Patali Champika Ranawaka says the Port City Project will recommence by mid next year after solving its issues.

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Sri Lanka’s Prime Minister shows green light for port city after long haul back

Sri Lanka’s Prime Minister Ranil Wickremesinghe today said the country plans to have a ‘unique financial and business district’ in Colombo when the sea reclamation project by a Chinese firm is resumed.

“Hopefully if the Port City projects get underway, I think there will be some sort of landfill there that could have the makings of a special financial and business district which will be a unique one in South Asia,” Wickremesinghe told a gathering celebrating 30-years of the formal establishment of the Colombo Stock Exchange.

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SL contemplates standby agreement with IMF-PM

“Hopefully if the Port City projects gets underway; there will be some sort of landfill there ; that could have the makings of a special financial and business district which will be a unique one in South Asia,” Wickremesinghe added.

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Port City to lay basis for ‘financial district unique in South Asia’

“In addition to developing small business sectors of the economy, we are planning to transform Colombo into a megapolis. If hopefully the Port City project gets underway, where I think there will be some landfills shortly, it could have the making of our special business and financial district which will be unique in South Asia, the Prime Minister said.

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Prime Minister endorses Port City’

Prime Minister Ranil Wickremesinghe yesterday said that Sri Lanka will have “unique financial and business district” in Colombo when the stalled Chinese funded Colombo Port City project resumes.

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Ranil determined despite looming external shocks

Speaking on revenue generation in the economy, he pointed that it was time that the Government found ways and means to ensure that all of it was directed towards investments.

The Premier also emphasised how Megapolis and the Port City projects would boost the economy and contribute towards making Colombo a special business and financial district.

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