Port City Colombo (PCC), the ground-breaking infrastructure project aimed at reshaping Sri Lanka’s economic landscape, recently celebrated a momentous milestone as its infrastructure development phase nears completion and commercialisation is set to begin.
The occasion was marked by a moment of unity with a multi-religious ceremony, invoking blessings on the nation and the project’s success. The Sales Gallery of Port City Colombo was adorned with a commemorative plaque, symbolising the project’s progress and transformative impact, with the theme, “Bridging Boundaries, Limitless Possibilities”.
Speaker of the Parliament Mahinda Yapa Abeywardana, Ministers and Members of Parliament, Central Bank Governor, Members of the Monetary Board, Secretary to the Ministry of Investment Promotions, Ambassadors and representatives from foreign missions in Sri Lanka were amongst the dignitaries gracing the occasion, highlighting the collaborative efforts and unwavering commitment of all stakeholders involved in this pivotal economic and infrastructure development initiative.
“Since its inception, the Port City Colombo SEZ project has attracted approximately $ 1.3 billion in foreign direct investment without imposing any liability or cost on the Sri Lankan Government. The 269 hectares of reclaimed land is 100% owned by the Government of Sri Lanka and has already contributed approximately $ 3 to 4 billion to the GDP, creating over 12,000 direct jobs and providing training for more than 4,000 Sri Lankan workers across over 20 Sri Lankan sub-contractors”, emphasised Colombo Port City Economic Commission Chief Operating Officer Revan Wickramasuriya.
Looking ahead, the next phase of the Colombo Port City, the Construction Stage, is about to commence and is expected to attract over $ 14 billion of investment. This phase will result in approximately $ 4.1 billion in locally sourced labour and materials, generating over 450,000 employment opportunities, of which over 400,000 will be for Sri Lankans. The estimated contribution to GDP from the Construction Stage alone is projected to reach $ 24 billion.
Once fully operational, Port City Colombo, as the country’s single largest development and foreign direct investment to date, is poised to contribute $ 13.8 billion annually to Sri Lanka’s GDP, offering over 140,000 direct employment opportunities.
In his concluding remarks, Wickramasuriya affirmed that Port City Colombo is ready for business as the region’s first multi-currency, export of services Special Economic Zone, with the Colombo Port City Economic Commission acting as its single-window investment facilitator. This framework ensures a conducive operating environment and streamlined business procedures for both local and foreign investors.
Port City Colombo represents a visionary endeavour with ambitious objectives to foster global investments, spur innovation, and create new employment opportunities, ultimately enhancing Sri Lanka’s competitiveness on the international stage. Situated strategically along the Western Coastline and neighbouring the heart of Colombo, PCC encompasses a sprawling 269-hectare area of reclaimed land, featuring a pristine waterfront and meticulously planned urban spaces. The ongoing construction progress exemplifies the project’s momentum, and upon completion, Port
City Colombo will present a vibrant fusion of residential, commercial, and recreational zones, catering to the diverse needs of residents and visitors.
The recent plaque unveiling ceremony signifies a significant juncture in PCC’s evolution, marking its emergence as a hub that celebrates progress and promises a transformative impact for Sri Lanka. PCC aspires to become a world-class business and lifestyle destination, leveraging its strategic location, extensive land area, and state-of-the-art infrastructure. By attracting global investments and fostering economic diversification, Port City Colombo is poised to redefine Sri Lanka.
FT