‘Recent constitutional changes boost foreign investment’

Walter Liyanarachchi

The recent passage of the 18th Amendment to the Sri Lanka Constitution establishing the stability in the governance is an promising indicator for the foreign investor to invest any amount of money to commence business or projects in Sri Lanka without any hesitation.

The sole intention of an investor is to foreknow whether the money he plans to invest could be used in a hassle free and meaningful manner, said a Malaysian based investor Dr Parimalan Rajo Isa Michael now in Sri Lanka.

A leading Malaysian company has formed a Sri Lanka based company named Airport Express Lanka Ltd., in which Dr Michael is a Director to commence a Railway project.

The Malaysian company is to develop a US $ 100 million speed railway project enabling the tourists landing in Sri Lanka from Katunayake Air Port to reach Colpetty Railway Station within 35 minutes where a 22 storeyed building comprising a five star hotel, shopping complex and convenient parking space are to be built with all the other facilities conditioned to international level.

According to Dr Michael, a new railway track will be built parallel to the existing line and it will be operated by wind power technology from Denmark. However electricity will also be used to a certain extent. The State Engineering Corporation will design the entire project.

The 35 km long railway track will be completed in two and a half years without any cost to the Sri Lanka Government. Funds will be provided by Malaysian and US companies.

Dr Michael also said that this improvement of the railway station and the new railway line will create a number of employment opportunities for Sri Lankans in the fields of construction, engineering, labour supply and trading. The shopping complex and the hotel in Colpetty will be run by Malaysians and latest technology will be applied to every system and software will come from Hong Kong.

The railway company is hoping to execute 18 up and down trips a day and 120 passengers can be accommodated in one train. Modern railway engines and compartments will be imported and implementing this project is aimed at meeting the huge influx of expected tourist arrivals in the coming years. The project will also be a major contributory factor to boost the Government’s tourism drive, he said.