Packer, Rank Holdings invests US $ 350 mn in Colombo project
Shirajiv Sirimane
The fourth richest Australian business tycoon, James Packer along
with Rank Holdings Sri Lanka with a 45% stake, would invest US $ 350
million for a mixed development project in D R Wijewardane Mawatha,
Colombo.
Minister Abeywardane |
The investment would include a 400 room hotel, apartments, shopping
complexes and restaurants. Minister of Investment Promotion, Lakshman
Yapa Abeywardane said that approvals have been given for this project
but stressed that the Government would not offer them a new casino
license.
He also said that the Crown Group of Australia were not given any
special concessions either.
The Minister said that though there were some Casinos operating in
front of temples and if there were requests they can look at a scheme
where Sri Lankans would have to obtain special permission to enter
casinos as done in Singapore.
He said the project would offer over 2,600 employment opportunities
and most importantly would help to build investor confidence in Sri
Lanka.
While lashing out at a section of the media and opposition
politicians for carrying misleading information, he said that today
nobody was talking about the tax of less than Rs 500 per year that was
paid by Taj and also about the 99 year lease of the land given to
Hilton.
Abeywardane said Sri Lanka needs revenue to provide free health,
Samurdhi, education, hand outs, and to provide infrastructure and
highways to the country.
The minister said that Sri Lanka is targeting 2.5 million arrivals by
2015 and high class entertainment was needed to attract high spenders.
Abeywardane said until 2005 Sri Lanka had attracted only US $ 1,072
million FDI’s and since then the country have obtained US $ 5,478
million.
“We hope to attract US $ 2 billion FDI’s this year and to achieve
this Sri Lanka needs high profile investors. The minister also disclosed
that a local investor, John Keells would invest US $ 650 million for a
mixed development in Colombo 2.
He said that in the last three months Sri Lanka had been able to
secure FDI’s to the tune of US S 218 million. In addition investments of
US 5 billion have been pledged for projects in Sampur, Mirijjawela,
Meerigama and for many other investments.
These investments were for power sector, IT park, motor assembly,
steel and other sectors. In addition several Chinese companies too were
looking at investing in Sri Lanka. |