The China Harbour Engineering Company (CHEC) Port City Colombo, the parent company constructing a mega multi billion dollar Port City project in capital Colombo, on Friday said that the project would transform Sri Lanka into a viable investment destination in South Asia.

Following the signing of a tripartite agreement between the CHEC Port City Colombo, Sri Lanka's Urban Development Authority and the Ministry of Megapolis and Western Development on Friday, the CHEC said that with this new agreement in place, the project company and the Sri Lankan government share a common vision of making the Colombo Port City a success.

The project is currently the single largest private-sector development project in Sri Lanka, and it is envisioned to boost the economy alongside the country's existing development plans with state-of-the-art living, working, public and recreational spaces in the new city, thus making it a viable investment destination in South Asia.

"Together, the project company and the Sri Lankan government envisage creating approximately 83,000 new employment opportunities within different sectors, attracting over 13 billion U.S. dollars in Foreign Direct Investments from investors and developers from countries including India, Singapore, Malaysia and China while also increasing the number of tourists visiting Sri Lanka within the next 20 to 30 years," the CHEC Port City Colombo said in a statement.

The Company said further in a statement that the Sri Lankan government had announced its intention to develop an international financial and business district in Sri Lanka within the Port City premises and therefore would rename the Port City project as the "Colombo International Financial City".

"The project company is fully supportive of this initiative and will continue to provide its corporation to the governemnt of Sri Lanka in all operations carried forward henceforth," CHEC Port City Colombo said. Endit

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