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Port City Colombo secures USD 300 mn FDI commitment for Phase II development
CHEC Port City Colombo (Pvt.) Ltd., the primary developer of Port City Colombo, has pledged approximately US$ 300 million in foreign direct investment to advance Phase II of the Port City Colombo project, marking a significant investment commitment at the start of the New Year and reinforcing confidence in Sri Lanka’s long-term growth prospects, the company said in a statement released yesterday (14)
The investment commitment follows the completion of the relevant regulatory processes and enables the next phase of development of Sri Lanka’s largest and most significant urban development initiative. The US$ 300 million infusion underscores CHEC Port City Colombo’s continued confidence in Sri Lanka’s economic recovery and its commitment to the long-term delivery of the project.
“This US$ 300 million Phase II investment is a clear and deliberate statement of our long-term commitment to Sri Lanka. We are not approaching Port City Colombo as a short-term development, but as a generational project aligned with the country’s future growth”, said Xiong Hongfeng, Managing Director, CHEC Port City Colombo (Pvt.) Ltd. “Our decision to continue infusing capital via FDI reflects strong confidence in Sri Lanka’s economic direction and in the role Port City Colombo will play in supporting investment, enterprise, and employment in the years ahead,” he added.
The statement: “The Phase II investment will support the continued development of core infrastructure and utilities within Port City Colombo, Sri Lanka’s first multi-services Special Economic Zone (SEZ). These developments are intended to facilitate increased investment activity, support enterprise formation, and generate sustained employment across construction, services, and related sectors.
CHEC Port City Colombo’s continued long-term investment reflects its firm commitment to seeing the project through to full completion and represents a long-term commitment to Sri Lanka’s future, strengthening FDI inflows, supporting employment and encouraging broader economic spill overs, whilst positioning Port City Colombo as a strategic platform for globally oriented, high-value services aligned with national development objectives.
To learn more about the investment opportunities at Port City Colombo, please visit www.portcitycolombo.lk. For information on Single Window Investment Facilitation and regulatory matters, please visit www.portcitycolombo.gov.lk.”
Approval has been granted at the Cabinet meeting held on 22.07.2024 to publish the draft bill of State Assets Management Act in the government gazette notification and thereby present it to the Parliament for its concurrence.
However, the draft bill couldn’t be passed in Parliament as a result of the Parliament being dissolved in the month of October 2024.
Thereafter, the draft bill was subject to further inspection by a
committee appointed which comprised of officials and authorities on the subject.
The said Committee has recognized the amendments to be made and a fundamental draft has been prepared including the proposed amendments.
Accordingly, the Cabinet of Ministers approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to suspend further activities regarding the draft bill of State Assets Management Act published in the extraordinary gazette of 02.08.2024, and to direct the Legal Draftsman to prepare a draft bill based on the fundamental draft prepared by the subject specialists’ committee.
Considering the compliance of the Cooperative Societies’ operations with the concurrent socio – economic circumstances as well as the changes in the common law, the requirement of amending the Cooperative Employees Commission Act No. 12 of 1972 has been recognized.
A fundamental draft including proposed amendments based on the experience gained by that Commission as well as the opinions and proposals of Cooperative societies, their director board members, cooperative employees and other interested parties has been prepared.
Accordingly, the Cabinet of Ministers granted approval to the resolution furnished by the Minister of Trade, Commerce, Food Security and Cooperative development to provide instructions to the Legal draftsman to prepare a draft bill to amend the Cooperative Employees Commission Act No. 12 0f 1972, based on the said fundamental draft.
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