A new era of innovation dawned for Sri Lanka yesterday as Port City Colombo broke ground on its premier business park, the Business Centre.
This ground-breaking ceremony signifies a major milestone, not just for the project, but for the country’s ambition to become a leading regional hub for technology and commerce.
Port City Colombo, the largest Public-Private Partnership (PPP) and Foreign Direct Investment (FDI) project in Sri Lanka›s history to date, underscores the government’s commitment to attracting foreign investment.
This greenfield project positions Sri Lanka as a key player in the region›s tech and commerce sectors. The Business Centre transcends a simple building – it is a catalyst for growth and collaboration, which is strategically located within close proximity to Colombo’s existing Central Business District that is poised to cultivate a pioneering commercial ecosystem.
Scheduled for completion by Q3 2024, this world-class, premium business park will showcase contemporary infrastructure and 120,000 sq. ft. of premium office space, whilst caters to diverse business needs through distinct corporate blocks – the IT Park and Commercial District. Sustainability is a core principle, evident in the Business Centre’s diverse modern work environments, including garden offices, co-working spaces, and low-density workspaces. As a dynamic Hub for the Future, ground-breaking also signifies the official welcome of Authorized Persons (APs) to operate within the Port City Colombo Special Economic Zone. This will be a dynamic space that fosters knowledge exchange and advancements like generative AI, whilst also attracting top talent from across South Asia.
Chief Guest at the ceremony Prime Minister Dinesh Gunawardena said the Business Centre of Colombo Port City stands as a testament to our ambitious vision of making Sri Lanka a thriving business hub and a vibrant maritime cluster.
He described it as the most significant event marking the advent of Sri Lanka’s most ambitious development project in recent times.
“Colombo Port City is a visionary multibillion-dollar project that aims to redefine Sri Lanka’s economic and social landscape. Built on reclaimed land, adjacent to the heart of Sri Lanka’s capital, Colombo, PCC will offer a cosmopolitan lifestyle, world-class infrastructure, and sustainable living,” Gunawardena said at the ceremony at which Ambassador of the People›s Republic of China to Sri Lanka Qi Zhenhong, and the State Minister of Investment Promotion Dilum Amunugama were also present.
Pointing out that Sri Lanka has been a historic hub for trade and investment for thousands of years, the Prime Minister said the biggest advantage of our country is its strategic location. “We also offer an ideal environment for businesses to innovate. Sri Lanka is destined to become a major economic hub in the region and, I am confident, the Port City of Colombo will certainly accelerate that process,” he added.
Premier Gunawardena emphasised that with the reforms enacted, the Port City Colombo will become one of the easiest places to do business in the region, further cementing its prospects as the “Gateway to South Asia” and Central hub for East and West.
Colombo Port City Economic Commission Chairman Dinesh Weerakkody recalled that When the President Ranil Wickremesinghe in July 2022 asked him to take over the Chairmanship of the Commission, the Colombo Port City largely resembled a desert and key regulations were non-existent.
“Fast forward 15 months, today many of the key ground infrastructure is now complete. Most of the regulations are done or in the pipeline. However one of the key regulations – the Banking Regulations required to ensure free movement of capital remains to be completed with the support of the CBSL,” Weerakkody said.
He described the ground breaking ceremony as an important occasion and once completed the Business Centre will pave the way to bring in the key services into the Colombo Port City. Hence he said the ground breaking ceremony was more than just a construction milestone whilst it’s a symbol of Port City›s commitment to move the project to the next phase of development.
“The Port City project, despite the bashing it gets sometimes in the press internationally and locally, is the largest FDI and PPP in Sri Lanka’s history and has the potential of adding $ 15 billion to the GDP annually,” Weerakkody emphasised.
It was stressed that the Port City Economic Commission offers a single-window solution for ensuring an efficient experience to our stakeholders. The Chairman extended an open invitation to Authorised Persons to house their operations in the Business Centre once completed.
He said that the Colombo Port City is soon to be renamed as the Colombo Financial City. The Framework agreement signed recently for $ 1.56 billion for Phase 2 development of Colombo Port City is expected to break ground soon along with the setting up of a Convention Centre. “These projects can provide the next wave of economic growth for the country,” Weerakkody added.
He emphasised that the Port City Project will transform the fortunes of Sri Lanka. “To make that vision a reality, all Sri Lankans irrespective of their ideological differences need to understand the vision and work collaboratively to realise that vision, for the sake of the next generation and the generations to come,” Port City Economic Commission Chairman added.
In his remarks Weerakkody also referred to the recent political cum economic crisis. “Let’s not forget the challenges we faced just two years ago. The lockdown of the capital and subsequent hardships heaped on the general public. But as history has shown throughout our 76 years of independence, Sri Lanka has the grit to rise above adversity. President Ranil Wickremesinghe who rose to the challenge must be recognised for Sri Lanka’s turnaround. This remarkable turnaround is now being acknowledged internationally,” said Weerakkody.
State Minister Dilum Amunugama recognised and hailed China’s support given to Sri Lanka at the difficult times. Noting that Colombo Port City is a debt-free project in Sri Lanka, Amunugama said the Government must assist CHEC Port City Colombo Ltd., to fast track operations.
The State Minister also said discussions were held with the Central Bank recently and expressed hope that banking regulations will be out shortly.
Chinese Ambassador Qi Zhenhong said the ground breaking of the Business Centre was another milestone in Sri Lanka China bilateral cooperation. “it will send a strong message to the international community that Sri Lankan is back on track thereby enabling the island to attract more investment. He said throughout history, China and Sri Lanka have always enjoyed outstanding friendship. No matter what difficulty the Sri Lankan has encountered, China has stood and will always stand with the people.
“Port City Colombo serves as a powerful engine that plays a crucial role to help Sri Lanka recover its economy and achieve prosperity. As a result, both our countries attach great importance to this flagship project,” the Ambassador added.
The Business Centre will also serve as a catalyst for growth, innovation, and collaboration, whereby the project extends an invitation to investors and global corporations to be part of, and take advantage of this strategic hub at the heart of South Asia.
The Business Centre signifies a critical landmark, reinforcing Sri Lanka›s position as a destination for innovation, commercial growth, and success. The future is bright, the future is in Asia and Sri Lanka is ready for investment offering sustainable development for a business enabling environment.
The ground breaking ceremony was attended by CHEC Port City of Colombo Ltd., Managing Director, the project›s regulatory authority and primary developer. Key Members of Parliament, government officials, esteemed investors, industry representatives, and other dignitaries.
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