Hambantota Int'l harbour development:

Foreign investments worth US $ 975m

Irangika RANGE

Sri Lanka has received foreign investments worth US$ 975 million with the development of the Hambantota International Harbour.

Ports Development Deputy Minister Rohitha Abeygunawardene said that 27 investors have currently bid to set up ventures such as cement, tea, vehicle assembling,warehousing, sugar refinery, fertilizer, petro chemicals and gas in the Hambantota port.

Local and foreign investors have been paid attention to the Hambantota Port which has already become an attractive investment centre just after it was filled with water.

The Cabinet Appointed Negotiating Committee which called for proposals for Public - Private Partnerships for a host of business ventures had issued 63 applications locally and by now 27 investors have expressed interest in investment.

Feasibility studies are being done by the committee for 27 applicants who have submitted applications.

An area of 2000 hectares has been reserved for the proposed factories in the Hambantota Port project by now.

"We see a lot of potential as the port is situated in a strategic location that can attract vessels on the East-West shipping route," the Deputy Minister said.

"Though the Government invested US$ 360 million funded by the Chinese Government to construct the Hambantota harbour, we have been able to achieve a high level of foreign investments worth US$ 975 million to the country," the Deputy Minster said.

"This is a remarkable achievement and a mechanism of generating foreign exchange to the country," he further said.

Foreign investors are very keen on utilizing the Hambantota Port which is the most suitable place for ships which arrive from the Middle East and Africa and sail from Asia and Oceania to get facilities.

The Port can play a prominent role as a fuel and crew changing and cargo exchange centre for trade between the west and east in the Indian sub continent.