20 May 2021 03:08 am Views - 1790
The present bill drafted by the government seeks to govern the activities of the special economic zone on the landmass reclaimed from the sea
Using the latest sustainable city design and smart city concepts, Port City, Colombo is poised to be the hub of South Asia
The current government is determined to leave no stone unturned in its effort to enact this piece of legislation
All the clauses that are inconsistent with the Constitution will be knocked off. Alongside, Trade Minister Bandula Gunawardane proposed another amendment at that Cabinet meeting in addition to what the Supreme Court stated. He suggested that the majority members of the proposed Economic Commission should be Sri Lankans including its chairman.
“A lot of doubts have been created in the country about this project. We can allay such fears and concerns by reserving the majority slots for Sri Lankans. Also, the chairman should be a Sri Lankan,” he said.
His suggestion was widely acknowledged by Ministers Wimal Weerawansa, Udaya Gammanpila and Vasudeva Nanayakkara. The Cabinet endorsed it.
All the clauses that are inconsistent with the Constitution will be knocked off. Alongside, Trade Minister Bandula Gunawardane proposed another amendment at that Cabinet meeting in addition to what the Supreme Court stated
This is a piece of legislation that, probably, took the longest period to be drafted under two different governments. First, legislative work was initiated during the term of the last government. After broad engagements with all the stakeholders including foreign consultants, a bill was worked out at that time, but it could not be presented in Parliament. After the present government came into being, it had a fresh look at the process, and drafted the present bill. It seeks to govern the activities of the special economic zone on the landmass reclaimed from the sea
According to the project company, Port City, Colombo is a brand new city development built as an extension of the existing Colombo CBD. There will be 269 hectares of reclaimed land, from which 179 hectares will be for city development. Port City, Colombo is made up of five different precincts, each with its own distinct personality: Financial District, Central Park Living, International Island, The Marina and Island Living.
“When completed, Port City, Colombo is estimated to have some 5.7 million square metres of build up space, boasting some of the best designs in terms of Grade-A office buildings, international school, healthcare facility, integrated resort, marina, retail destinations, top hotels and various lifestyle developments. Using the latest sustainable city design and smart city concepts, Port City, Colombo is poised to be the hub of South Asia,” the company says.
International and local political attention is focused on the project since its launch as a US $ 1.4 billion Chinese investment in 2014. The launch was graced by then president Prime Minister Mahinda Rajapaksa and Chinese President Xi Jinping.
There will be 269 hectares of reclaimed land, from which 179 hectares will be for city development. Port City, Colombo is made up of five different precincts, each with its own distinct personality: Financial District, Central Park Living, International Island, The Marina and Island Living
The overview of the project has been tinged with geopolitical interests and local political criticism. The previous Yahapalana government which took office in 2015 reviewed the project and changed terms. The project, in fact, took off after a break at that time. The current government is determined to leave no stone unturned in its effort to enact this piece of legislation. Once the bill is certified into Act after the passage through Parliament, the government is planning to embark on a massive marketing campaign internationally for the attraction of investors. And, it seems to be the only viable option for the government to replenish the country’s exchequer with badly needed foreign currency for the revival of the pandemic –hit economy.
Chinese Foreign Minister Wang Yi is expected to arrive in Sri Lanka next month. The future economic cooperation, based on the Port City, will also be discussed since the legal framework for it is now in place. Economic cooperation with China has seen an upswing in recent times. It has been evidenced by recent engagements between the two sides and some high level visits.
However, the project will continue to be viewed through the prism of geopolitics by the interested parties given the importance of Sri Lanka’s geostrategic positioning in the region.
Quad - an alliance of Japan, India, Australia, and the U.S., has been formed as a counterweight to China increasing its footprint in the region.
It, however, makes for some tightrope walking for Sri Lanka as it envisages a neutral, non-aligned foreign policy with all the countries at least in theoretical terms. That is particularly because the countries such as India and the U.S are locked in a difficult situation in their relationships with China.
Fostering ties with one country will be seen as something being done at the expense of relationship with the other. Balancing act will not something easy for Sri Lanka under current international politics.
But, the Port City can well be utilised in this instance as an investment zone economically relevant to all the countries in the world. If Sri Lanka promotes it as a pivot to South Asia, like Hong Kong to China, Singapore to ASEAN, it will become a place economically relevant to all. Then, it is easy to strike the right balance in its relations with all to some extent, at least.