COLOMBO, Jan. 15 (Xinhua) -- Sri Lanka's Port City Colombo has secured a 300-million-U.S. dollar foreign direct investment (FDI) commitment from its primary developer, China Harbor Engineering Company (CHEC) Port City Colombo (Pvt) Ltd., a senior executive of the company has announced.
Xiong Hongfeng, the company's managing director, said on Wednesday that the funds will be deployed for phase II of the project after key regulatory processes are completed. The spending is expected to focus on expanding essential infrastructure within the reclaimed city, creating conditions for increased private investment and business formation, he said.
Xiong noted that instead of a short-term commercial venture, Port City Colombo is a "generational project" that signifies China-Sri Lanka friendship and the outlook on regional development.
He said the continued inflow of capital through FDI reflected CHEC's confidence in Sri Lanka's economic direction and in the key role the port city will play in supporting investment, enterprise and employment.
Located off Colombo's seafront, Port City Colombo is Sri Lanka's largest urban development initiative and its first multi-services special economic zone, offering multiple incentives, including foreign currency transactions and up to 100 percent foreign ownership for designated businesses.
Over the full life cycle of its construction, development and operation, the Port City project is expected to create nearly 400,000 employment opportunities for Sri Lankans. ■
