Major functions including financial transactions of the Colombo Port City will be taken over by President Gotabaya Rajapaksa in accordance with the powers vested in him.
Cabinet Memorandum was to seek the approval of the ministers to directly bring Colombo Port City and three major functions of the project under the purview of the President to streamline its services in a sustainable manner, Cabinet MOU revealed.
All financial provisions and transactions of the Project management unit of Port City will be coming under the initiative with the approval of the cabinet, Finance Ministry sources said.
Urban development of the Port City area, disposal of waste (Garbage) and community cleaning in the relevant area will also be handled on the directions of the President.
President Gotabaya Rajapksa signed the documents relating preliminary activities of this initiative on February 15, sources said.
Port City Colombo has opened its promenade to the public. People can take a whiff of the Indian Ocean breeze from the Port City side, by walking across Galle Face Green towards the newly constructed bridge and taking a stroll on the two km stretch of beach belonging to the newly reclaimed land.
It also marks new beginnings this year with the commencement of vertical constructions in the first quarter.
China Harbour Engineering Company (CHEC) and Browns Investments PLC said their joint venture – the Colombo International Financial Centre (CIFC) in 2020 and the development work will commence within the next few months.
The CIFC Mixed Development Project will be the first of many landmark development projects planned for Port City Colombo. Port City Colombo can be termed as one of the pet projects for the Government to boost its much-needed foreign reserves.
A top official of the project said that the new city would promote services such as IT, maritime services, financial services, professional/ knowledge services, corporate headquarters and so on and ease of doing business to create a destination appeal for trade and commerce.
He added that industrial or manufacturing will not be permitted within the Port City although it will complement activities in the rest of the country including BOI Zones and Hambantota Industrial Zone. This is due to the negative implications on the wider real estate of Colombo and also the negative aesthetic appeal.
“Strengthening the institutional framework, in this case the Colombo Port City Economic Commission, and removing or minimising political interference is crucial for the success and longevity of this Special Economic Zone.
Ideally, Port City should be an exemplary city from an administrative and governance perspective and such policies, once tested and proven, should be selectively rolled-out in the rest of Sri Lanka,” he added.
Apart from investment, Port City Colombo also aims to attract city tourism, a concept which had not been tried out to the full extent. Although city tourism is offered in other countries, Colombo does not cater to this due to the lack of resources and initiative.
