Support Port City to solve macroeconomic fundamentals issues: Minister Cabraal

• Says Port City could generate as much as US$ 15 bn into Sri Lanka’s GDP in the next five to six years
• Says govt. inviting investors from all over the world, and not from selected countries 

By Shabiya Ali Ahlam
The government called for greater support for the ongoing Port City development since it is acknowledged to be the key to Sri Lanka getting its macroeconomic fundamentals right.

State Minister of Finance, Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal asserted that if Sri Lanka can perfect the Port City development project, the nation’s macro-fundamentals will change rapidly, in a “highly significant” manner.

“We have an obligation. We have a very great desire to make that happen. It won’t just happen unless we really work on that. “So I think within the next few years, the Port City would provide massive opportunities of employment, of investment, and of showing Sri Lanka to the world on how we are doing business,” Cabraal said during his keynote at the Sri Lanka Investment Forum 2021.

The State minister stressed the need for Sri Lanka to come together in support of the ongoing development project and look at taking up investment positions in its development.

Cabraal also took the opportunity to clear the misconception that the government’s key focus is to attract the majority of the project investments from China.   

“There was a fallacy that it is only for the investors of a particular country. I want to dispel that myth, and that it is not so. 

We are inviting investors from all over the world, wherever in the world you are today, please come look at the potential of the Port City,” he said.

Furthermore, pointing out that the project is located at the “right place” in Sri Lanka, Cabraal expressed confidence in the island nation benefitting by a new GDP contribution of about US$ 4.5 billion.

He added that over a period of time, in the next five to six years, the Port City could generate as much as US$ 15 billion into Sri Lanka’s GDP.