The Port City is slated to break ground on the CIFC Phase One 3 towers, Villa plot and the Marina hotel in the third quarter.
The Duty Free complex within the Port City is set to open in May 2023 as well, Colombo Port Commission Chairman Dinesh Weerakkody said dismissing a recent article which alleged that the Port City stirs white elephant fears.
“The Portcity Colombo’s basic infrastructure is scheduled to be completed by the year end,” Weerakoddy added.
A Price waterhouse Coopers (PwC) study shows that Port City Colombo can significantly impact GDP, FDI inflows, and improve our BOP and create over half a million new jobs.
A realised master plan for the Port City provides 5.7 million square meters of built-up area valued at $ 15 billion.
Given the shifting external global environment, the challenges are obvious and they need to be managed going forward by hiring the right skills, meeting new international investment demand profiles and ensuring policy consistency.
The overall country environment will certainly play its part. Therefore economic stability is key. Playing down these challenges in favour of negative sound bites will be counterproductive and defeatist at best, Weerakkody added.
DAILY FT
