Colombo, Jan 25 (newsin.asia) – The Sri Lankan government, on Thursday invited global financial institutions, investors and entrepreneurs to park their money in a financial center, within the Chinese funded Port City project.
Minister of Megapolis and Western Development, Champika Ranawaka said China would invest a further 1 billion US dollars to construct three 60 storey buildings in the Port City this year, and these buildings would be part of the Colombo International Financial Center.
He said investors and financial institutions could invest and park their monies here as Sri Lanka would soon be transformed into a mini Switzerland once the Port City is completed.
The three buildings of the Financial Center will be ready by 2025. Project officials said investors had already expressed interest in investing in the Financial City and the Port City and very soon the island country would witness large scale investments.
“Sri Lanka has a basic advantage. We are in the very center of the Indian Ocean and in between the main sea lanes and aviation routes. We are also the cleanest city in the South Asian region. So many financial institutions and businesses who have headquarters in other South Asian countries have expressed their willingness to relocate their Headquarters to Colombo,” Ranawaka said.
“We are also going to have a piece of legislation to facilitate those who are going to park their money here. It will become like a mini Switzerland,” the Minister added.
This new legislation for the Port City will be passed in Parliament by April or May and physical work on the Financial City will commence in June.
The 1.4 billion dollar Port City is being constructed close to the Colombo Harbour by China Communication Construction Company (CCCC), the parent company of China Harbour Engineering Company (CHEC) and will attract billions of dollars as investments in the coming years.
Ranawaka said that in addition to investing in the financial center, CHEC would also invest in the construction of elevated highways and underground tunnels connecting Colombo city into the Port City.
The underground tunnel will provide a north, south link through one of the busiest traffic areas of Colombo and will provide an underground road connection to the road network of the Port City.