According to the head of the commission managing the project, the Indian subcontinent is the main target market for the $1.12 billion Port City Colombo, which will capitalise on ongoing political alignment between Sri Lanka and India to give important business chances to Indian firms.
Saliya Wickramasuriya, Director General of the Colombo Port City Economic Commission, said the project will provide business chances for both Indian players with a presence in Sri Lanka and to those who are making their first entrance into the island nation. He cited the port city’s unique regulations and bespoke business solutions as two of the city’s primary draws for Indian investors.
“With the changing economic circumstances both here and overseas, our target market is shifting slightly and the value proposition has to change accordingly…While there is recovery, there are still economic constraints everywhere and there are political disturbances everywhere,” Wickramasuriya said.
“What we’re aiming to do here is expand on existing partnerships with organisations who have invested in Sri Lanka.” The Indian subcontinent, in particular, is by far our most important target market,” says the company. Wickramasuriya said the commission wants the “port city to be an international metropolis,” but it’s also looking at more comprehensive, tailored, and customised solutions to “create value propositions for key anchor investors.” China Harbour Engineering Company is implementing Port Metropolis Colombo to build a city on land recovered from the sea and expand Colombo’s central business area. The project, which comprises of 269 hectares of reclaimed ground, is aiming to gain from a recent increase in economic cooperation between India and Sri Lanka, according to its developers.
