Port City Commission Shifts Focus to Strategy

COLOMBO (News 1st); Saliya Wickramasuriya, a Member of the Colombo Port City Economic Commission, addressed key challenges facing development initiatives within the Port City project. 

Speaking on the current status of the project, Wickramasuriya highlighted the predominant issue of vacant land parcels within the Port City area, stating, "All we have is bare land, plots of bare land." He underscored the critical need for investors, branding, operational expertise, and collaboration with landowners to drive successful developments.

Drawing attention to the complexities of project governance, Wickramasuriya discussed the differing dynamics based on whether the land is leased by private entities or controlled by the government. He emphasized the importance of flexibility in regulations and mechanisms to address underperforming projects and ensure investor confidence.

Recognizing past shortcomings in the approach to project development, Wickramasuriya articulated a shift in strategy. Instead of the traditional incremental marketing and negotiation methods, he stressed for a novel approach focused on securing funding upfront. This approach, he argued, would enable the commission to consolidate resources and allocate them effectively across various projects within the Port City.

Wickramasuriya referred to the establishment of a dedicated fund targeted at attracting investments specifically for the Port City initiative. Such a fund, he suggested, would streamline the process by centralizing financing efforts, providing assurances to investors, and facilitating strategic negotiations with stakeholders.