SLPA targets US$ 500m new projects in Hambantota, Srilanka

Shirajiv SIRIMANE

Several new Hambantota Port related projects would be commissioned this year. Among them are a sugar refinery plant, fertilizer storage, processing and packing plant, petrol chemical plant and a cement plant. The main stakeholders of these investments would consist of Singaporean, Indian and Pakistani investors along with several local companies .

An official from the Sri Lanka Ports Authority (SLPA), said with the Phase II operations commencing, they had identified 15 investment projects worth US $ 1 billion.

Meanwhile, Sri Lanka will be targeting US $ 2 billion foreign direct inflows to the country this year, while most of them would be for infrastructure related development and tourism. One of the first projects that would be launched, would be the IndiOcen condominium project near the Gangaramaya temple which would be the country's tallest building with 63 floors. Simultaneously, the Nelum Kuluna project too is being constructed at D. R. Wijewardane Mawatha, which would be the 16th tallest tower in the world.

Hutchinson Telecom is also making its presence in Sri Lankan and they are expected to contribute to the FDI’s of the country. The Heavy Industry Zone in Sampur, three mixed development projects by a Malaysian developer, work on the Colombo – Kandy expressway, are some of the other key projects that would take Sri Lanka towards the record US $ two billion FDI mark. In addition, the petroleum refinery in Trincomalee is another major investment that would boost the economy.

The Shangri-La Colombo and Hambantota projects are two more major invesments along with Sun City Hotel in Muthurajawela and the developments in the Kalipinya intergraded tourism zone, are the key foreign funded tourism projects for 2012.

Similarly, the Colombo Port Expansion Project, China Merchants Holding (International) Company Ltd., and Colombo International Container Terminals Ltd), would boost the country's investments.

These major investments would help Sri Lanka to raise the per capita income from US$ 2,400 in 2010 to US$ 4,000 in 2016, which would position Sri Lanka as a strong middle income country.

shirajiv@yahoo.com