Colombo, Oct 25 (newsin.asia) – The Sri Lankan government, on Wednesday said that a mega Chinese funded Port City project, currently being constructed close to the Colombo Harbour, would transform the island into an iconic regional and commercial trade center in the Indian Ocean.
Minister of Western Megapolis, Champika Ranawaka on an inspection tour of the Port City, told journalists that the project was of great importance to Sri Lanka as it would bring in investments while a part of the city would be converted into a financial center.
Ranawaka said that the project had already completed 50 percent of land reclamation while the total reclamation of land was expected to be completed by 2019.
He further added that once land was reclaimed, the area would be declared as part of Sri Lanka and as a special urban development area.
“Once the reclamation work is completed the Chinese partners and the Sri Lankan government will call for expressions of interest to develop the land,” Ranawaka said.
The Minister further said that Prime Minister Ranil Wickremesinghe’s office was working on a legal framework that would govern the area once the project kicks off and the Port City would have its own economic and commercial laws to facilitate operations of global multinational corporations.