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Wedo projects12/16/2023 ![]() ![]() It promises profound impacts, primarily through job creation in sectors ranging from construction to hospitality. This collaboration and project represent a significant opportunity for Sri Lanka’s economy. Q: What benefits and opportunities do you foresee for Sri Lanka and its economy as a result of this investment and collaboration? ![]() It solidifies the vision of the CPC as a vibrant financial hub and city. This substantial financial commitment paves the way for the project’s continued growth and expansion in the coming months. ![]() This investment primarily centres around the CIFC, a flagship mixed-use development that encompasses a Grade A office tower, luxury residences, serviced apartments, a retail mall, a yacht marina with space for over 200 mid-sized pleasure boats, a 5-star hotel with picturesque marina views operated by a renowned international hospitality brand, and prestigious oceanfront villas designed by leading international architects, covering 11 hectares. This is a substantial commitment to the project and the country, of $ 1.56 billion investment from the CHEC, that holds immense significance for the Colombo Port City (CPC) project, which is a testament to the power of collaboration between Sri Lanka and China, and it is poised to transform South Asia into a global economic hub, and an extension to Sri Lanka’s economic development. Q: How significant is the commitment of this substantial investment and what does it signify for the future of the Colombo Port City project? This transformative investment brings forward a new period for the project, Sri Lanka, and internationally, and it is now progressing with investor developments, as it positions itself as a regional powerhouse in trade, finance, and economic development. These key project developments in CPC, are planned to break ground by the end of June 2024. The development will be completed by CHEC and overseen by the Commission. The Luxury Villa Project, containing around 61,000 square meters of GFA, will see this luxury villa endeavour, with a total of 90 villas planned to be developed by CHEC along with potential partnerships.ĬPC Phase II Infrastructure Development investment has also been committed, carrying out the development of more than 100 hectares of land, with elegant streetscapes and recreational parks, further reinforcing the CPC’s commitment to world-class facilities and infrastructure. The Marina Project and Marina Hotel Project plots span a total GFA of approximately 80,000 square meters, where these projects will witness a collaborative effort between CHEC, Browns, and HCIG, adding exceptional waterfront attractions to CPC’s master-planned landscape. Key components of this multi-faceted investment include the CIFC Mixed Development Project, which will be developed to establish a vibrant financial hub within the Colombo Port City, in collaboration with CHEC, Browns and HCIG that will lead the investment and development efforts, further solidifying CPC’s position as a regional financial epicentre. The joint venture between China Harbour Engineering Company (CHEC), Browns Investments and Hunan Construction Investment Group (HCIG), will spearhead this transformative project. This is a colossal investment for the project and the nation, which is primarily directed towards the development of the CIFC Mixed Development Project, surrounding an impressive total gross floor area (GFA) of approximately 160,000 square meters. Q: Could you provide an overview of the recent $ 1.56 billion cooperation agreement for the Colombo Port City project and its key components?”Ĭolombo Port City, Sri Lanka, is set to witness an infusion of Foreign Direct Investment (FDI), with the recent signing of the agreement of $ 1.56 billion investment marks a significant milestone in Sri Lanka’s post-crisis economic resurgence, positioning the country as a key player in the global economic landscape. ![]() The Colombo Port City Special Economic Zone project is a crucial initiative that will reinforce Sri Lanka’s status as a hub for these services. The emergence of new service sectors, digitisation, and the burgeoning new economy positions Sri Lanka to attract substantial FDI in export-oriented services such as financial services, IT, maritime services, professional services, tourism, and social infrastructure. In an interview with the Daily FT, Weerakkody said digitalisation is essential for Sri Lanka’s value proposition, enabling industries to pivot to e-commerce, expand into new markets, and trim costs. The Colombo Port City Economic Commission Chairman Dinesh Weerakkody says, to remain an attractive destination for Foreign Direct Investment (FDI), Sri Lanka must cultivate a globally competitive economic landscape by expediting approvals, upholding trade policies, easing business, and bolstering online market access. $ 1.56 b Cooperation Framework Agreement for Investment was signed in China recently ![]()
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