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First Port City Project Worth $100 Billion 
Posted 18,May

By Chaveendra Dunuwille

In Local News

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Committee on Public Finance chaired by Minister Anura Priyadarshana Yapa  revealed that the first project in the Colombo Port City will be implemented in 2  phases with an investment of over $100 billion. 

The first phase of the project will include the construction of the Finance Center  which is to be completed in 2025 and would consist of an International Grade  (A) high rise office tower along with 2 high end residential towers and a retail  podium. 

It was also informed that 75% of the unskilled, skilled and higher level employees  will be hired locally. Furthermore the committee emphasized to the Board of  Investments (BOI) that the project is inclusive of a number of tax concessions  and will contribute directly to the economic growth of the nation.  

Also in the meeting the committee approved the Ceylon Tire Manufacturing  Company (Pvt) Ltd project which would produce export quality tires which would  commence this July from inside the Hambantota International Port premises.  The BOI Chairman Dr. Sanjay Mohottala stated that the project would help  bolster the local rubber industry and is expected to being commercial operations  after 36 months.