H'tota Port project attracts US $ 2 bn investments

Shirajiv SIRIMANE

The Hambantota Port Free Zone has attracted 17 entrepreneurs with a massive investment to the tune of US $ 2 billion. Under this the first agreement to establish a sugar refinery with a invest of US $ 220 million was signed. Dr. Priyath B. Wickrama, Chairman Sri Lanka Ports Authority making the key note address at the AAT Sri Lanka Conference 2012 in Colombo added that other agreements too will be signed very soon. “In addition to these investments,a few vehicle assembling factories, including Audi and a bus assembling factory will be established just outside the Hambantota Port,” he said.

“Additional businesses would also be set up in the marine and logistics related sectors including services related to bunker supplies which the government will commence early next year in Hambantota.”

“These projects have proved that the Hambantota port is a viable venture. The private sector will not invest expecting losses especially under the current global economic situation. They are looking for the best opportunities with minimum risk.”

Work on Colombo Port Expansion project is in progress and all efforts are being made to make the first two terminals of the Port operational by the third quarter of 2013. In addition, development of new Port City in Colombo will be undertaken and completed within the shortest possible time.

“Similarly we anticipate heavy investment by the entrepreneurs in the free zone in Trincomalee and in proposed port city as well. The private sector and business community thus have more opportunities to implement their business ideas through this infrastructure,” he added.

Sri Lanka has become an ideal economic maritime and logistics centre as our country is located in the centre of South and East Africa, Middle East, South East Asia, the Oceania and the Indian sub continent. The regional economies are rapidly growing where a large middle income population is emerging. It is increasingly noticeable that intra regional trade is expanding along with greater demand for distribution and shipping services.