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Thursday, 20 June 2013

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Packer, Rank Holdings invests US $ 350 mn in Colombo project

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.

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