Eight entrepreneurs to invest US dollars 1 billion at Magampura Port

Ridma Dissanayake

Eight investors have signed agreements with the Sri Lanka Ports Authority (SLPA) to begin new business ventures at the Magampura Mahinda Rajapaksa port, Ports and Aviation Project Minister Rohitha Abeygunawardena said yesterday.

“We have spent USD 361 million for the first phase construction of the Magampura Port and USD 808 million on the second phase. But these investors have agreed to invest USD 01 billion at the port to start new factories. All arrangements are in place to develop the Magampura Port as one of the best re-exporting ports in the world,” the minister said.

Meanwhile, he said the Colombo (South) Port break-water has already been completed and it will be opened by President Mahinda Rajapaksa in March.

All arrangements are also in place to commence construction of the Colombo Port City and it is to be built as a new island near Galle Face.

“At present there is a huge traffic volume in the Colombo city and we hope to establish a number of fly overs to reduce the traffic congestion.

We have to spend a huge sum of money for reclaiming land which are essential to widen the main roads in several areas and it is higher than the amount which we have to spend for development of those roads.

“All arrangements are in place to carry out the road development programmes in a well-planned manner and most of these projects are to be completed within the next few years under the guidance of President Mahinda Rajapaksa”, the minister said.