Port City Bill: Aim is to attract foreign investors – Prof. Samarajiva
By Thameenah Razeek
Economists said, the Bill to set up the Colombo Port City Economic Commission aims to create a conducive environment for foreign investors. The Commission will control, manage, and regulate the Port City.
Prof. Rohan Samarajiva said, the Commercial Law of our country is in a very weak and inactive state, and Sri Lanka ranked 168 out of 190 countries. He also said it takes at least 1,318 days to enter into a commercial agreement.
Therefore, the primary purpose of setting up an Economic Commission is to provide the economic and administrative freedom required to conduct business. He said this aims to attract investors and the sovereignty of the country is not at stake.
With the introduction of the Bill to set up the Colombo Port City Economic Commission in Parliament, a wide range of discussions have arisen in the political arena.
The total area of the project is 269 hectares and the total investment is US$ 15 billion.
The Port City features state-of-the-art office complexes, state-of-the-art healthcare, education services, multitasking facilities, light yachts, shopping malls, hotels and entertainment facilities.
The project is expected to create 130,000 jobs and contribute 11.5 per cent to the GDP.