First Port City project to be implemented in two phases
It was revealed at the Committee on Public Finance (COPF), that the first project of the Colombo Port City, with an investment of USD 100 billion, is set to be implemented in two phases. Accordingly, the first phase of the establishment of this International Financial Centre, which is scheduled to be completed in 2025, will consist of an international Grade A high rise office tower, towers and a retail podium.
The relevant order for recruitment of employees has been presented under the Strategic Development Projects Act. It is said that 75 per cent of unskilled workers, skilled workers and higher-level employees will be recruited locally. However, the COPF emphasised to the Board of Investment (BOI) that such projects, which provide a number of tax concessions, must make a direct contribution to the overall economy of the country and the committee approved the project.
The COPF approved the export quality tire manufacturing project of ‘Ceylon Tire Manufacturing Company (Pvt) Ltd.’, which is scheduled to commence this July inside the Hambantota International Port premises. This project is expected to commence its commercial operations after 36 months. At this meeting BOI Chairman Dr. Sanjaya Mohottala, stated that although this is a project that will receive huge tax relief, the benefits will accrue to local rubber planters.
Meanwhile, COPF Chairman Anura Priyadarshana Yapa, inquired from the BOI Chairman regarding the systematic increase in rubber production in the country. State Minister Susil Premajayantha drew the committee’s attention to the high prices of Sri Lankan domestic products compared to other countries and Minister Vidura Wickremanayake also said that the tax relief received by foreign companies should flow to local industrialists as well. Minister Sarath Weerasekera State Minister Dr. Nalaka Godahewa, MPs M. A. Sumanthiran, Dilan Perera, Dr. Harsha de Silva, Nalin Fernando, Anupa Pasqual, Prof. Ranjith Bandara, Isuru Dodangoda and Sahan Pradeep were present at the meeting.