A PwC assessment revealed that Port City, Sri Lanka’s first multi-service economic zone (SEZ) , would significantly impact the economy, possibly contributing over $9 billion to the Gross Domestic Product (GDP).
Since its inception in early 2020, the government has showcased its commitment to completing the project in numerous ways. Most notable of these include the Port City Economic Commission Bill, the Fiver Year Roll-out Strategy, and the revision of the master plan of the 6.3 million square meter floor plan.
Upon its completion, the facilities are said to offer 100,000 direct employment opportunities. While contributing to 39,000 immediate employment opportunities, the tourism, retail, and leisure sectors are estimated to contribute $1.8 billion in direct economic value annually. The report also expects an $8.7 billion investment from the construction sector, which will help create 340,000 direct employment opportunities. It was also highlighted that $12.7 billion could be gained from the realization of land value.
The assessment also states that a noteworthy contribution will be made annually by indirect contributions. Estimated at $850 million, these indirect contributions will be the result of the local supply chain. It is also expected that the Port City project will help rejuvenate Colombo’s appeal as a destination for City Tourism to stand alongside contemporaries such as Bangkok & Kuala Lumpur.
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