CHEC Deputy MD says Port City Colombo ready for business with $ 1.3 b in investments secured

Thulci Aluwihare says discussions underway with about six more potential investors, expects these to translate into additional $ 600-850 m over next three to four years Attracting investors requires incentives to compensate Sri Lanka's weaker competitiveness rankings; key incentives non-fiscal ones to reduce foreign investor risk, mainly currency exposure Confirms Port City negotiated a fiscal package with Govt. and IMF Asserts Port City provides full capital mobility, a major deviation from South Asia’s typically tight capital controls

- BY CHARUMINI DE SILVA

CHEC Port City Colombo Deputy Managing Director Thulci Aluwihare said Colombo Port City is now positioned as Sri Lanka's first dedicated services export zone and has already attracted $ 1.3 billion in foreign investment, with more in the pipeline.

Speaking during a panel discussion at the Sri Lanka Economic Summit organised by the Ceylon Chamber of Commerce last week, Aluwihare outlined the project's evolution, highlighting China Harbour Engineering Company's (CHEC) threedecade presence in the country and the shift from engineering contracting into long-term urban development

"Our journey is similar to Axiata's, CHEC has been in this country for 30 years. Initially we were doing roads, bridges and ports. With Port City, we really migrated up the value chain to become a developer," he said.

He noted that the original concept was a large-scale reclaimed land project intended as a premium waterfront real estate development. However, during reclamation, the Government and project company decided to reposition it as Sri Lanka's long-missing services export zone.