Business

City of Galle also to see reclamation of land from sea

Published

5 years ago

2022/01/31

Sahan Weerasooriya

In real estate development, this will be a ground-floor opportunity for investors, Sri Lanka government says

New tourist city designed to span on 40 hectares of reclaimed land

An investment of US$175 million sought to complete it in three years

by Sanath Nanayakkare

The government of Sri Lanka last week invited investors across the world to come and invest in building an exclusive tourist port in the ancient city of Galle in the South of Sri Lanka, founded by Portuguese colonists in the 16th century and extensively fortified by the Dutch during the 17th century.

“An investment of US$175 million is sought to establish the tourist city to attract more foreign cruise vessels to boost tourism. Return on investment (ROI) from the project is to be ensured with promising demand for marina infrastructure developments and real estate developments connected with tourism,”a panel of speakers addressing the hybrid investment symposium told the potential investors.

The speakers were from Sri Lanka Ports Authority, The Board of Investments, experts knowledgeable on foreign direct investments, tax concessions and environmental aspects related to projects of this nature. They provided answers to questions from the audience that consisted of investors keen to do business with Sri Lanka.

“The proposed new tourist space is designed to span on 40 hectares of reclaimed land, taking a cue from the Port City of Colombo, Rohitha Abeygunawardana”, Minister of Shipping said.

“The project will transform Galle like Colombo in its economic and metropolitan significance creating dividends for all people in the region,” he said. The minister said that the government would be fully conscious of any environmental impacts, and therefore, the development would take place in accordance with environmental laws of the country.

“Sri Lanka Ports Authority’s plans include changing the existing port in Galle as a fully-fledged tourist port with a 150-metre length cruise berth, reclamation to increase Galle’s land area by another 40 hectares. It will feature a modern real estate business model and a state-of-the-art cruise terminal,” the panel told the participating investors.

“The project is open for potential investors through Expression of Interest (EOI) and Request for Proposal (RFP) processes ensuring a transparent bidding process,” they said.

“The proposed development project expects to avail fully-fledged facilities in the gulf of Galle to make possible the berthing of cruise ships, luxury yachts, boats, water sports and many more activities. In real estate development, this will be a ground-floor opportunity for investors to build water bungalows, villas, apartments, restaurants, hotels etc. The goal of this development project is to ensure that everything is within the leisure traveller’s reach,” they said.

“This is a unique and valuable investment opportunity to investors who are looking to thrive on the tourism sector and earn a higher return on their investment. The development venture is going to create thousands of direct and indirect jobs for local communities sand help fulfill the macroeconomic objectives of achieving people-centric economic aspirations, Dr. Ramesh Pathirana, Minister of Plantation and Galle District MP told The Island Financial Review.

The two minister assured that both local and foreign investors would be facilitated expeditiously when they have made their bids.

The project is to be completed in 3 years and the government expects the project will help increase annual tourist arrivals up to seven million.

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Business

ADB approves $100 million loan to boost skills development and jobs for youth in Sri Lanka

Published

1 hour ago

2026/10/2

Thilina Walpola

The Asian Development Bank (ADB) has approved a $100 million results-based loan to help Sri Lanka transform its technical and vocational education and training (TVET) system, equip more young people with industry-relevant skills, and strengthen the country’s competitiveness and inclusive growth.

The Skills Development System Transformation Program will support the Government of Sri Lanka’s efforts in improving the quality and relevance of skills training, strengthening links between training providers and industries, and expanding employment opportunities for youth. The program will increase women’s employment opportunities in nontraditional jobs in fields including automotive technology, engineering, information and communications technology, construction, and renewable energy.

“A skilled workforce is essential to Sri Lanka’s long-term economic transformation and competitiveness,” said ADB Country Director for Sri Lanka Shannon Cowlin. “This program will help create stronger pathways from education to employment by making training more responsive to industry needs, expanding opportunities for young people and women, and ensuring that graduates have the skills required by a modern and evolving economy.”

Though Sri Lanka’s economy is recovering, it faces skills shortages in priority sectors, high youth unemployment, and low female labor force participation. Many employers report difficulty finding workers with the skills needed in a changing economy.

Aligned with the Government of Sri Lanka’s Technical and Vocational Education and Training Sector Strategic Framework 2026–2035, the nationwide program will be implemented from 2027 to 2031 and is expected to directly benefit more than 100,000 young people through improved access to quality, employment-oriented training.

Business

USD 40.84m pipeline to secure aviation fuel supplies to BIA

Published

1 hour ago

2026/10/2

Thilina Walpola

By Ifham Nizam

The government has cleared a USD 40.84 million and Rs. 8,548.75 million contract to build a dedicated aviation fuel pipeline from Muthurajawela to Bandaranaike International Airport (BIA), alongside a massive new fuel storage facility with a capacity of 92,000 cubic metres.

Energy Minister Anura Karunatilaka said the project represented a major investment in strengthening the infrastructure underpinning Sri Lanka’s aviation fuel supply and ensuring more reliable fuel availability at the country’s main international airport.

‘This project will provide the infrastructure required to strengthen the reliability and continuity of aviation fuel supplies to Bandaranaike International Airport, Karunatilaka said.

The contract has been awarded to China Petroleum Pipeline Engineering Company Limited, following an international competitive procurement process in which three bids were received.

The project will see a new aviation fuel storage tank complex constructed at Muthurajawela, together with the associated infrastructure required for handling and transferring aviation fuel.

Business

CSE activity up, turnover weak at Rs. 1.4 billion

Published

1 hour ago

2026/10/2

Thilina Walpola

By Hiran H Senewiratne

Trading activity on the Colombo Stock Exchange (CSE) gathered pace yesterday as global fuel prices began to show signs of easing, according to market analysts.In this context, both indices moved upwards. All Share Price Index up by 67.97 points while S and P SL20 up by 8.30 points.

Turnover stood at Rs 1.4 billion with seven crossings. Those crossings were reported in Sampath Bank 1.7 million shares crossed to the tune of Rs 238 million and its share price traded at Rs 140, Access Engineering two million shares crossed to the tune of Rs 159 million and its share price traded at Rs 79.50, LOLC one million shares crossed to the tune of Rs 129 million and its share price traded at Rs 129, HNB 100,000 shares crossed to the tune of Rs 38.4 million and its share price traded at Rs 384, JKH 1.9 million shares crossed to the tune of Rs 35 million and its share price traded at Rs 18.60, Hayleys 100,000 shares crossed to the tune of Rs 22.50 million and its share price traded at Rs 225 and Richard Pieris 847,000 shares crossed to the tune of Rs 22 million and its share price traded at Rs 25.50.

In the retail market top seven companies that have mainly contributed to the turnover were Sampath Bank Rs 114 million (813,000 shares traded), JKH Rs 100 million (5.3 million shares traded) LB Finance Rs 49 million (325,000 shares traded), HNB Finance Rs 30 million (27 million shares traded), HNB Rs 27 million (70000 shares traded), NTB Rs 25 million (82000 shares traded ) and Lanka IOC Rs 21 million (666,000 shares traded). During the day 65 million shares volumes changed hands in 10433 transactions.

The Banking and manufacturing sector counters performed well. In the banking sector Sampath Bank let the market while manufacturing sector especially JKH also significantly performed well. With the fuel revision Land IOC also a significant stock at the floor.

Meanwhile, First Capital Treasuries said that Ramesh Schaffter resigned as a Non-Independent Non-Executive Director with effect from October 1, to facilitate the restructuring of the company’s board.

Yesterday the Central Bank announced the US Dollar rate as against rupee. The rupee was quoted flat at Rs 330.65/80 to the US dollar in the spot market , while bond yields dropped, dealers said.