Colombo Port City set to fuel Sri Lanka’s economic resurgence: top official 

By Yohan Perera
Colombo Port City which has already attracted a few investors, is set to lead Sri Lanka’s economic resurgence in the near future, its Executive Project Management Director Raja Edirisuriya said. 

Edirisuriya said Port City is in the process of negotiating with investors for the setting up of the proposed international hospital, exhibition and convention centre and the International school. It is said that these transactions are nearing completion. 

“We expect about US$ 8 billion foreign direct investment within the next 20 years once the constructions begin and 340,000 employment opportunities in the construction industry. The construction sector is going to benefit from this. 

The financial centre and many other developments are set to come around next year.  My marketing team is trained to handle and attract investors. Of course, we need the best marketing experts to get things going, and my team is ready,” he stressed.   

“Sri Lanka is at the 61st slot out of 184 countries in the Youth Development Index. Our youth is looking for employment opportunities. They are trainable.  Sri Lankan families are oriented towards providing their children with a sound education. If someone says we are not ready for a project of this nature I would disagree,” Edirisuriya added stressing that Sri Lanka is ready to go ahead with the giant project with the skilled and trainable manpower we have now.

He emphasized the employment benefits which Sri Lanka would gain out of the project and said, “Investors will initially bring their own to work and train our locals in the centre. However, it will change and they will gradually employ the locals. 

“Dubai has had its period. It was an emerging market 20 years ago but now their investors are looking for new emerging markets. Sri Lanka should position itself as an emerging market. It has the potential to become an offshore centre coupled with the advantage which the island nation has with regard to its geographic location with 50 percent of world containers and 35 percent of bulk cargo passing the island. 

We cannot depend on the tea, rubber, and coconuts based old economy as we got to move on like Japan which moved from manufacturing toys to manufacturing vehicles and capture the world markets for vehicle production. Singapore wanted to be like Sri Lanka in 1965 and now they are one of the greatest economies in the world. Sri Lanka would have been there but could not make it because of the 30-year war. 

Tokyo and Shanghai Financial centres were opened as they wanted to transform their economies from traditional resource-based to technology-based economies. When you talk about the Colombo Port City, it is all about a modern city and a well-planned special economic zone with orderly development. The financial centre will become the engine of our future economy. It will generate money for all of us,” he explained elaborating on the potential which Port City carries. 

“The full foreign direct investment potential of Colombo Port City is over US$ 15 billion when the constructions are done. It is a long-range potential and we are at least ready for it now. 

It will increase Sri Lanka’s Gross Domestic Product (GDP) by 20 percent once completed.  It is a long-term gain. One cannot expect anything within the short term from a project such as this. There will also be a trickle-down effect in the economy as the project gets started. 

Everything needed for Port City needs to be purchased from the mainland. That means you will be passing the opportunity for people outside. For example, there will be high demand for furniture such as chairs, equipment when the convention centre comes up. The beneficiary will be the manufacturers of these products within Sri Lanka. 

“Banks in Sri Lanka should be ready to lend for these kinds of entrepreneurs who would be supplying to the investors in Port City,” Edirisuriya further stressed.