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Port City Brings With It A $12 Billion Boost To The GDP 
Posted 20,May

By Chaveendra Dunuwille

In Local News

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Recently the Port City Commission bill received its verdict from the Supreme  Court of Sri Lanka as several petitions were presented against the bill deeming  it to be unconstitutional and infringing on aspects of the judiciary and  legislature. The SC ruled that several provisions in the bill would be in violation  of the constitution. As a response the government has agreed to accept any and  all amendment recommended by the Supreme Court to the bill. 

In the parliamentary debates held regarding the bill the state minister of money  and capital markets Nivard Cabral noted that the project could add $12 billion  to the island’s annual gross domestic product (GDP) when full operations  commence while in its initial years it would contribute about $4.5 billion. The  very construction of the Port City is said to contribute over $15 billion to the  local economy.  

The state minister emphasized that the location would serve as an international finance hub and would be a prime spot for conferences, theme parks and the  bolstering of tourism in the island. Constructions have commenced in the region  and with the first constructions to be completed in 2025 which includes a finance centre along with International Grade A residential buildings and a retail podium  will help create over 200 000 jobs for local professionals.