Colombo Port City to contribute around US$ 4.5 in new GDP
Wednesday, 16 Jun 2021

Colombo Port City to contribute around US$ 4.5 in new GDP

10 June 2021 07:33 am

State Minister of Finance Ajith Nivard Cabraal says that the Colombo Port City, the Hambantota Port and other new development projects will be key factors in taking Sri Lanka forward over the next few years.

The State Minister stated that once completed the port city would help Sri Lanka benefit by at least a new GDP contribution of around USD 4.5 billion that will support the country’s USD 80 billion economy, in the first few years.

He noted that over a period of time, maybe in the next 5-6 years, it could generate as much as USD 15 billion into Sri Lanka’s GDP. “

the Port City could have been established anywhere in Sri Lanka’s coastal belt, and that however it was decided that the Port City would be placed in Colombo because that is where “the greatest amount of reach” could be achieved. “

He made this observation today (June 09) while addressing the ‘Sri Lanka Investment Forum 2021’ organised by the Board of Investment, Ceylon Chamber of Commerce, and Colombo Stock Exchange.

He stated that they have an obligation and a very great desire to make that happen. “It won’t just happen unless we really work on that.”

The former Central Bank governor said that he believes, in the next few years, the Port City would provide massive opportunities of employment, investment and showcasing Sri Lanka to the world. 

“That would need the support of all who are involved in the Sri Lankan story,” he said, while urging investors both local and foreign to take a hold of this opportunity as they would see tremendous value generated for them. 

The state minister also rejected allegations that the port city is only for investors from a particular country and assured that they would welcome investors from anywhere in the world with open arms to be a part of this ‘great story’. 

Recommended News