Business

Port City infrastructure development to be completed by Q3 of 2023

Published

4 years ago

2022/12/5

Thilina Walpola

= USD 1.2 bn has already been invested

= USD 1.5 billion more expected to flow in

= Estimated to add USD 13.7 billion to annual GDP when fully operational

= Duty-free shopping mall expected to be open to the public by April 2023

By Sanath Nanayakkare

Port City Colombo (PCC) whose infrastructure development is slated for completion by Q3 of 2023 is showing all the possibilities to be one of the key drivers of growth and recovery in Sri Lanka, a source familiar with many aspects of the project told The Island.

He said that all Sri Lankans should welcome the project and call upon the authorities to provide the fullest support to fast-track its progress.

“While critics have often referred to Port City Colombo (PCC) as a “white elephant” and a “burden of debt” on the Sri Lankan people, these claims cannot be further from the truth. In fact, PCC is not debt-funded and is actually Sri Lanka’s largest foreign direct investment (FDI) driven project. As a result, Colombo now has a platform to create an ultramodern planned metropolis with all the trappings of modern life, which can co-exist and complement the existing sprawl of Colombo. With infrastructure development slated for completion by Q3 of 2023, of the total committed investment of USD 1.4 Bn by the project company, USD 1.2 Bn has already been invested, with a further USD 1.5 billion expected to flow in during the vertical development phase, which will commence thereafter, “he said.

Elaborating on his findings, he said:

“PCC has been designated as a Special Economic Zone (SEZ), which is a legal structure in Sri Lanka, and around the world, that allows certain geographically delimited areas to enjoy special rules and regulations in order to increase ease of doing business, and promote enterprise and development. This concept is not new to Sri Lanka and Sri Lankans have seen many such Export Development Zones in the past, which have no doubt contributed positively to the country’s growth trajectory, by attracting FDIs and promoting exports and industrialization.”

“However, PCC goes beyond any other SEZ in Sri Lanka, supported by the Port City Economic Commission and its associated laws and regulations. This sets up a single management or administrative structure that can help streamline processes and improve ease of doing business dramatically within PCC, potentially even making it the most business-friendly destination in the whole region. This also makes PCC attractive to FDIs and Diaspora, while providing a venue for technological learning, innovation and development. Having separate and more efficient customs provisions also further adds to the attractiveness of PCC. Ultimately, by creating a venue for international business, local businesses will also thrive as PCC and its businesses and residents will need to buy supplies and services from local businesses.”

“Sri Lanka is a relatively small economy, which is one of the reasons that we have not been able to open up and liberalize more efficiently and quickly. Opening up a small economy to global forces can create imbalances that can quickly turn into different issues. However, PCC provides a very efficient way to open Sri Lanka up to the world, whilst shielding the wider Sri Lankan economy from any negative effects. This, combined with wider economic reforms will create a platform for Sri Lanka’s economy as a whole to open up to the world.”

“As an SEZ, PCC will be able to create massive employment opportunities for both skilled and unskilled roles. These jobs will be paid for in foreign currency and in line with globally competitive standards. With global businesses looking to do business in Sri Lanka, the incentives for qualified professionals to seek migration will be diminished, as they will be able to obtain comparable salaries here at home, and in foreign currency too.”

“During construction alone, PCC has created 8,000 employment opportunities and is expected to generate 83,000 well-paid jobs as development matures, contributing USD 13.7 billion per annum to Sri Lanka’s GDP when fully-operational.”

“The construction of the USD 7 million Duty-Free shopping mall inside PCC will be the biggest duty-free mall in the region, with a further USD 6.5 million in the pipeline for expansion of operations. The mall is expected to be open to the public by April 2023, with the initial infrastructure expected to be fully completed by Q3 of 2023, which will open up the doors for a further USD 1.5 billion worth of investments into vertical developments. Two international duty-free operators and an international food and beverage partner are already on board and, with the investment plans for entertainment and leisure activities, PCC is expected to be a top destination for city tourism.”

“It’s going to be a remarkable confluence of events. So, all Sri Lankans should realize the effectiveness of PCC as the largest FDI-driven project, and support it. The people can be confident in doing so as the Port City Economic Commission will be entrusted with the administration, regulation and control of all matters connected with businesses and other operations, in and from the area of authority of the Port City,” he pointed out.

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Business

SLEIS 2026 to examine Sri Lanka’s energy transition and its implications

Published

12 hours ago

2026/09/26

Thilina Walpola

Reliable and affordable energy is essential to Sri Lanka’s economic growth, industrial development and competitiveness. As the country seeks to strengthen energy security while reducing its dependence on fossil fuels, the energy sector will be a key area of discussion at the Sri Lanka Economic & Investment Summit 2026, organised by The Ceylon Chamber of Commerce on 12-13 October 2026.

The session, “Beyond Fossil Dependence: Balancing Security, Sustainability, and Growth,” will examine how Sri Lanka can diversify its energy sources, accelerate renewable energy adoption and attract investment while ensuring a reliable energy supply for businesses and households. Discussions will also consider the infrastructure and policy frameworks needed to support the country’s transition towards a modern and competitive energy system.

Ms. Edore Onomakpome – Regional Infrastructure Industry Manager – Bangladesh, Sri Lanka and Nepal, at the International Finance Corporation will keynote the session, and join the panel discussion featuring G.M.R.D. Aponsu – Secretary to the Ministry of Energy, Damitha Kumarasinghe – Director General (Chief Executive Officer), Public Utilities Commission of Sri Lanka, and Manjula Perera – Managing Director, WindForce PLC. The discussion will be moderated by Sheran Fernando – Senior Advisor, Plus94.

The session will also explore the role of public-private collaboration in developing new energy solutions, encouraging investment and creating opportunities within Sri Lanka’s evolving energy sector. It will consider how energy policy and investment decisions can support both economic expansion and the country’s longer-term sustainability objectives.

The Sri Lanka Economic & Investment Summit 2026 is supported by its valued sponsors and partners. Platinum Sponsor – Standard Chartered Bank Sri Lanka, Gold Sponsor – VISA Worldwide (Pvt) Ltd., Bronze Sponsor – South Asia Gateway Terminals (Pvt) Ltd., Strategic Development Partner – Asian Development Bank, Telecommunication Partner – Dialog Telecommunication, Television Partner – Dialog Television, Session Sponsors – David Pieris Motor Company (Pvt) Ltd., Hemas Holdings PLC, Sunshine Holdings PLC, International Construction Consortium (Pvt) Ltd., Official Logistics Partner – Hayleys Advantis Limited, Official Airline – SriLankan Airlines Ltd., Official Hospitality Partner – Shangri-La Colombo, Airline Partner – China Eastern Air Holding Co. Ltd.

Registrations are now open at https://sleis.chamber.lk/. For more information, contact Alikie on 011 558 8805 (alikie@chamber.lk) or Shanuka on 0701082541 (events.division@chamber.lk).

Business

A fresh chapter for the George Keyt Foundation: A renewed commitment to the Sri Lankan art ecosystem

Published

13 hours ago

2026/09/26

Thilina Walpola

The George Keyt Foundation (GKF), dedicated to preserving the legacy of modernist painter George Keyt and fostering local art, has announced strategic appointments to its leadership team, bringing together a mix of global academic expertise, corporate leadership, and artistic passion. These enhancements aim to inject fresh expertise and academic depth into the Foundation’s long-term vision.

Establishment of the New Advisory Committee

To broaden its operational reach and deepen its engagement with the global art market, the George Keyt Foundation has established an Advisory Committee. The newly appointed committee members include:

• Dr Sujatha Meegama is a Senior Lecturer in Buddhist Art History at the Courtauld. She is an acclaimed art historian, author and academic, bringing specialised knowledge in South Asian art history to guide the foundation’s curatorial and educational directives.

• Dr Shamil Wanigaratne: A clinical psychologist, author, and avid art historian, Shamil will lend his unique perspective to help the foundation design meaningful public outreach and cultural preservation strategies.

• Abbas Esufally: A veteran corporate leader and patron of the arts, Abbas is transitioning from his role as a GKF Trustee to this advisory position, where he will continue to offer his sharp business acumen and extensive network.

New Trustee Appointment

Leesha Captain has been appointed to the Board of Trustees. Inspired by Sri Lankan artists, Leesha is a recognised supporter of the local art scene. Leesha’s hands-on perspective will strengthen the foundation’s core team as they develop and design new art programs.

A Vision for the Future

“These new appointments mark an exciting chapter for us as we build on our decades-long history of promoting Sri Lankan artists,” says Malaka Talwatte, Chairman of the Foundation. “The combination of Leesha on the board, alongside the diverse expertise of our new Advisory Committee, will significantly amplify our efforts in curating high-profile exhibitions and expanding local and international partnerships”.

Business

Sun Siyam Pasikudah celebrates World Tourism Day with culture, cuisine and community

Published

13 hours ago

2026/09/26

Thilina Walpola

Sun Siyam Pasikudah, part of the Privé Collection under Maldivian-owned Sun Siyam Resorts, will mark World Tourism Day on 27 September 2026 with a full day programme celebrating the culture, cuisine and natural beauty of Sri Lanka’s east coast, paired with community focused sustainability activities.

The celebrations open with a special buffet of authentic Sri Lankan cuisine, followed by a street food festival showcasing regional snacks and traditional sweets rarely found on resort menus. A signature World Tourism Day mocktail and cocktail, created for the occasion, will be served through the day, while traditional Sri Lankan cultural dance performances bring the island’s heritage to life for guests.

Beyond the festivities, the resort has planned a tree planting activity with guests and a beach or park clean up campaign, both reflecting Sun Siyam Pasikudah’s ongoing commitment to responsible tourism along Sri Lanka’s northeast coast.