Colombo Port City project: India concerned over project
PORTS & SHIPPING

Colombo Port City project: India concerned over project

On Thursday, India told the media that it is focusing on the China-backed Colombo Port City project in Sri Lanka that is being developed as a big-ticket investment drawing project that would improve the island nation’s economy.

The project was under development for a while, however, the Sri Lankan parliament approved the Colombo Port City Economic Commission Bill, following a two-day debate on it.

Opposition parties in Sri Lanka are in disagreement with the bill, which they believe will lead to the making of a Chinese colony in Sri Lanka. As per the news reports, the 225-member Sri Lankan Parliament passed the bill 148-59.

The $1.4 billion Colombo Port City project is assumed to perform an essential part in China's ambitious 'Maritime Silk Road' plan in India's backyard. It is also known to be the single largest private sector development in Sri Lanka. China has developed the port city on the reclaimed sea, joining the Port of Colombo.

The port city bill intends to provide a special economic zone to create a board to grant registrations, authorisations, licenses, and other approvals to perform a business in such economic zones. Covering the significance of the bill, the Sri Lankan government on Wednesday announced that the port city would bring in foreign direct investment, giving the much-needed stimulus to the economy. Ajith Cabraal, Minister of Capital Markets, Sri Lanka, proposed that the initial development of the port city would bring an investment of $15 billion. In recent years, Sri Lanka has conducted several development projects with an approximated $8 billion in loans.

Image Source


Also read: Sri Lanka passes controversial bill on China-backed Colombo Port city

Also read: Adani to develop container terminal at Colombo port

On Thursday, India told the media that it is focusing on the China-backed Colombo Port City project in Sri Lanka that is being developed as a big-ticket investment drawing project that would improve the island nation’s economy. The project was under development for a while, however, the Sri Lankan parliament approved the Colombo Port City Economic Commission Bill, following a two-day debate on it. Opposition parties in Sri Lanka are in disagreement with the bill, which they believe will lead to the making of a Chinese colony in Sri Lanka. As per the news reports, the 225-member Sri Lankan Parliament passed the bill 148-59. The $1.4 billion Colombo Port City project is assumed to perform an essential part in China's ambitious 'Maritime Silk Road' plan in India's backyard. It is also known to be the single largest private sector development in Sri Lanka. China has developed the port city on the reclaimed sea, joining the Port of Colombo. The port city bill intends to provide a special economic zone to create a board to grant registrations, authorisations, licenses, and other approvals to perform a business in such economic zones. Covering the significance of the bill, the Sri Lankan government on Wednesday announced that the port city would bring in foreign direct investment, giving the much-needed stimulus to the economy. Ajith Cabraal, Minister of Capital Markets, Sri Lanka, proposed that the initial development of the port city would bring an investment of $15 billion. In recent years, Sri Lanka has conducted several development projects with an approximated $8 billion in loans. Image Source Also read: Sri Lanka passes controversial bill on China-backed Colombo Port city Also read: Adani to develop container terminal at Colombo port

Next Story
Real Estate

Mahindra Lifespaces Unveils ‘Home of Positive Energy’

Mahindra Lifespaces has introduced ‘Home of Positive Energy’, a brand philosophy aimed at enhancing well-being through thoughtful design, natural light, and green spaces. The launch includes a digital video campaign (DVC) and a Mobile Experience Centre—a first-of-its-kind traveling showcase across Mumbai.CMO Abhimanyu Mathur stated, “Every Mahindra home is designed as a sanctuary that nurtures aspirations and daily life.” The campaign, developed with The Womb, emphasizes differentiation beyond location and amenities, making well-being central to Mahindra Lifespaces’ identity.With t..

Next Story
Real Estate

Mumbai Registers 11,541 Property Deals in February 2025

According to Knight Frank India, while property registrations in the Mumbai real estate market have moderated, signs of stabilisation are emerging. The market saw a 4 per cent Year-on-Year (YoY) decline in registrations, with 11,541 properties registered in February 2025, compared to 12,056 in the same period last year, based on data from the Maharashtra Inspector General of Registration (IGR).Nevertheless, stamp duty collections remained steady in February 2025, reaching Rs 8.96 billion (bn), which is almost identical to the Rs. 8.85 bn collected in February 2024. On a month-on-month comparis..

Next Story
Resources

Godrej Expands Smart Security Portfolio

Godrej Security Solutions has launched a new range of premium home lockers, blending sophisticated design with advanced security. The company aims for 20% growth in FY26 and a 70% market share in the home locker segment.The new lineup—NX Pro Slide, NX Pro Luxe, Rhino Regal, and NX Seal—features dual-mode access (digital & biometric), intelligent alarms, and space-efficient interiors. Additionally, the Defender Aurum Pro Royal Class E safe meets the BIS-certified QCO mandate for jewellers, while the AccuGold iEDX Series supports precise, non-destructive gold testing.Godrej is expanding ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?