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China Harbour Corp. to reinvest USD 300 Mn

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Chairman China Communications Construction Company Ltd. (CCCC) Wang Tongzhou said that they will re-invest USD 300 million for the phase 2 infrastructure development of the Port City Colombo.

He made this pledge to President Ranil Wickraramasinghe when the visiting CCCC delegation met with the President on Tuesday. Tongzhou said that by June this year the company plans to invest a total investment of approximately USD 300 million. The Chairman CCCC informed the President that CCCC will put in more resources to accelerate construction and development and enhance the global marketing and promotion efforts.

The Chairman also requested the President to provide CCCC with more opportunities in Sri Lanka’s transportation, urban development, energy, and water facilities. CCCC, through CHEC Port City Colombo (Pvt) Ltd has already invested USD 1.4 Billion, on Port City Colombo. Construction of the Port City Colombo project was launched 17 September 17, 2014.

Chief-of Staff to the President Sagala Ratnayaka, Chairman BOI and Port City Economic Commission, Dinesh Weerakkody, Secretary Investment and MD Port City Colombo Xiong Hongfeng participated in the meeting. The Fortune Global 500 ranks CCCC at 60th position with $130.664 billion in revenue.

Meanwhile, State Minister for Investment Promotion, Dilum Amunugama said that the Chinese company is planning to build two towers at the Port City Colombo. “This will be used for the International Financial Center and also for both residential living (apartments) office and hotel spaces.”

A five star hotel and redevelopment of the Marina Project too would be included under this investment. This would be the first major hi rise construction to take place in the Colombo Port city.

In addition 100 hectares of land would be developed and these also include streets capes and recreational parks. In May 2021, Parliament of Sri Lanka approved the Port City Commission Bill to establish the Colombo Port City Special Economic Zone and Economic Commission. Under this law, companies can be exempt from all taxes, personal, corporate, excise, import, and every other tax for 40 years. (SS)

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