On December 17, the signing ceremony of cooperation agreement on the International Finance Center Complex Project Phase I - the first secondary development investment project of Port City Colombo took place at Sri Lanka’s Prime Minister's Office. In the presence of Mahinda Rajapaksa - Prime Minister of Sri Lanka and his Excellency Qi Zhenhong - the Chinese ambassador to Sri Lanka, CHEC signed the necessary agreements with LOLC Group and Brown Investments in Sri Lanka. In addition, his Excellency Li Guangjun - the economic and commercial counselor of the Chinese embassy in Sri Lanka, Cabral - Director of State Department of Finance of Sri Lanka, Senarath - Permanent Secretary of the Prime Minister's Office and Ucita - Director of the Prime Minister's Office also attended the event.
The Colombo International Finance Center is the inaugural project of Port City Colombo, covering 6.8 hectares of land with a total investment of US$1 billion . It will be implemented in two phases. The first phase, covering an area of 3.06 hectares with an investment of more than US$450 million, will be jointly developed by a joint venture company.
Prime Minister Mahinda fully acknowledged the landmark significance of the project. He said attracting foreign direct investment is the key priority of his government. The Port City project will be a pointer to Sri Lanka's economic recovery, and that the Sri Lankan government will invite investors world-wide to share Sri Lanka's huge development potential so as to fully exploit Sri Lanka's strategic location and human resources.
His Excellency Qi Zhenhong indicated that at this critical moment, Chinahas once again shown its confidence in Sri Lanka and will make positive contributions to its socio-economic development. The Port City project will not only drive the development of Sri Lanka's finance and related industries, but will also create a huge number of high-quality jobs for Sri Lanka.
Both parties also exchanged their in-depth views on accelerating legislation and subsequent development of the Port City Colombo, negotiations on the China-Sri Lanka Free Trade Agreement, fight against epidemics and tourism.
The construction of Port City Colombo began in 2014, with Chinese President Xi Jinping and Sri Lankan President Mahinda Rajapaksa jointly cutting the ribbon to witness the opening of the project. The Port City Colombo, with a total investment of approximately US$1.4 billion, is expected to drive more than US$13 billion of secondary development investment. The project will be a world-class city in South Asia with 269 hectares of land reclaimed from the sea and a total construction area of more than 5,700,000m2.