News
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.
Representatives from the ’The Ceylon Chamber of Commerce’ met with Prime Minister Dr. Harini Amarasuriya on Wednesday [24th of June] at the Parliament premises.
During the meeting, discussions focused on the Sri Lanka Economic and Investment Summit 2026 (SLEIS 2026), which is scheduled to be held on 12 and 13 October 2026. Attention was also given to digitalization initiatives, the introduction of digital technologies in schools under new education reforms, and the transformative role of Artificial Intelligence (AI) in Sri Lanka’s education sector.
Representatives of the Chamber noted that the summit would serve as an important platform for encouraging both local and foreign investment, while also contributing to the shaping of the country’s future economic policies.
The meeting was attended by Krishan Balendra, Chairman of The Ceylon Chamber of Commerce; Vinod Hirdaramani, Deputy Vice Chairman; Shiran Fernando, Secretary General and Chief Executive Officer; Aliki Perera, Deputy Secretary General and Chief Operating Officer; and Anagi Rodrigo-Weerasekera, Chief Economist and Head of Economic Intelligence, along with several other representatives.
[Prime Minister’s Media Division]
A discussion to review the progress of the housing project under which 4,700 houses are being constructed for the Malayagam community with Indian assistance was held this afternoon (24) at the Presidential Secretariat under the chairmanship of the Chief of Staff to the President, Prabath Chandrakeerthi.
Under this housing programme, 2,026 houses are to be provided to families identified by the National Building Research Institute (NBRI) as being at disaster risk. The remaining houses are expected to be allocated to eligible workers residing in the plantation sector.
Accordingly, the houses will be provided to Malayagam community families living on estates belonging to 22 Regional Plantation Companies, as well as estates under the State Plantations Corporation, Janawasama and Elkaduwa Plantations.
For the construction of each house, the Government of India has allocated Rs. 2.8 million, while the Government of Sri Lanka has contributed Rs. 400,000.
During the discussion, Chandrakeerthi instructed officials to ensure that the housing project is completed before the end of this year. He further directed that land identified for the construction of houses be released without delay and that the National Building Research Institute provide the necessary reports to identify suitable land for the project.
The housing project is being implemented jointly by the Ministry of Plantation and Community Infrastructure, the National Housing Development Authority, the State Engineering Corporation and the Plantation Human Development Trust.
Among those present were Additional Secretary (Development) of the Ministry of Plantation and Community Infrastructure, K. S. Wijayakeerthi; Director General (Engineering), N. D. N. Pushpakumara; Director General (Planning), W. A. K. S. Damayanthi; the Secretary General of the Planters’ Association; and officials from the National Housing Development Authority, the State Engineering Corporation, relevant institutions and plantation companies.
(PMD)
It has been reported that Attorney at Law Rakitha Rajapakshe, the son of former Minister of Justice Wijeyadasa Rajapakshe, has been arrested by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) over alleged links with the underworld.
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