By: Staff Writer
Colombo (LNW): Sri Lanka is set to launch a financial centre at the Colombo port city while branding this Galle Face waterfront reclamation city as Colombo Financial City.
This initiative has been taken in accordance with the port city’s original plan devised during the previous good governance regime by the then minister of Megapolis Patali Champika Ranawaka.
China Harbour Engineering Company Limited (CHEC) has agreed to invest in the financial centre project following the model of Shanghai Commercial Center, the Skyscraper Center at that time.
Investment promotion state minister Dilum Amunugama recently stated that the launching of Colombo Financial City replacing the existing name will take place at the opening ceremony of a Roadshow in the UAE on the 26th of this month.
The Sri Lanka road show in UAE will be showcasing investment opportunities and incentives for global investors.
Samagi Jana Balawegaya (SJB) Colombo district MP Dr. Harsha de Silva speaking in Parliament yesterday said the attempt to establish a financial centre in an already bankrupt country is a mere farce.
MP de Silva opposed the Government’s plan to rename the Colombo Port City, as the Colombo Financial City.
He expressed the view that establishing a prosperous finance centre between the established financial hubs of Singapore and Dubai would be a challenging endeavour.
He urged all parties involved to re-examine any proposal to announce a new Colombo Financial City in the coming days.
He expressed the opinion that India, too, failed to establish a financial city, suggesting that creating a Knowledge Centre at the Port City would be a more suitable alternative to a Financial Centre.
At the Sri Lanka road show Former UK Prime Minister David Cameron will address an exclusive, closed-door forum on the strengthening ties between the UAE, Indo-Pacific region and the role of Sri Lanka in this new trend gaining increased momentum.
The discussion will showcase the UAE’s role as an international player that can concurrently engage with multiple partners, including in the Indo-Pacific region.
Expected to represent more than 50 percent of the global Gross Domestic Product (GDP) by 2040, Asia is increasingly becoming the new economic global power centre of the 21st century.
In this context, the UAE aims to strengthen its connections with the Indo-Pacific region and Sri Lanka will play a crucial role in this partnership with its trade and investment offerings particularly through the up-coming multi-billion dollar Port City Colombo development project. As a Special Economic Zone (SEZ), it also provides a range of incentives and benefits for businesses, making it an ideal destination for international businesses, hotel owners and operators to establish their presence in Sri Lanka.
