Port City Colombo Economic Impact

Port City Colombo, also known as Colombo International Financial City, is being developed by  the China Harbour Engineering Company (CHEC) which is also part of the China Communications Construction Company Limited (CCCC) company. The project is made up five districts within the reclaimed, financial district, the marina, island living, central park living, and international island which will provide the world class city to the South Asian region. Recently, one of its partners, PriceWaterCoopers, did an assessment of the Port City Colombo Economic Impact. The following are the key takeaways from the report.

With the concept of town planning, the Port City Colombo has been divided into five major districts This special economic zone (SEZ) being regulated on different economic factors will definitely make itself an ideal point to be a foreign direct investment (FDI) option. The project proponents have slated the project to be a gateway to South Asia, much like Singapore and Hong Kong have been in the past. The Port City Colombo economic impact was assessed across a few macroeconomic factors, which correlates to the five-year plan for its strategic rollout. Having first broken ground on the land reclamation phase of the project in 2014, on its eighth year, we continue ensuring that the Port City Colombo  economical impact will be the major economic boost the country needs.

The Port City Colombo economic impact will be factored by its districts, which will be focused on creating a world class city, focused on ICT,  financial services, maritime services, and other professional services, geared towards becoming a global hub that is ideal for its lower cost environs, skilled pool of professional with the added bonus of being a SEZ legislated region making it easier to conduct business. The Port City Colombo economic impact is expected to generate approximately USD1.8 billion via its tourism, retail, commercial and leisure activities including the employment opportunities that will open up.

Further, with its further development, Sri Lanka will prosper from it’s partnership with the One Belt One Road or OBOR initiative as well. With the 270-hectare reclamation project expected to wrap up 2041 (with it’s final phase) as per below, it is expected that numerous real estate opportunities will open up making it a true global trading  gateway.

What are your thoughts on the Port City Colombo economic impact and how it will help with progressing Sri Lanka onto the global arena?