Port City success will be determined by how investor-friendly it is: Cabraal
„Says Port City should have powers to swiftly address investor concerns
Says SL should follow Singapore in investor management Also points out importance of policy consistency to attract investments
The success of the highly debated Colombo Port City is all about implementation, for which relevant agencies must step up their efforts to ensure the development project does not lose investors to regional competition, a top minister said.
State Minister of Money & Capital Market and State Enterprise Reforms Ajith Nivard Cabraal stressed greater emphasis is required to attract investments to the Colombo Port City that competes with Dubai, Singapore, Malaysia, and Shenzhen. “We will have to attract new investments to come into Sri Lanka at this juncture, and ensure that investing here is good for them. Any agency in authority to provide support to investors who are coming into Sri Lanka, should be able to have their matters attended with speed.
They cannot be loitering in corridors like what happened in the past in Sri Lanka,” Cabraal told a recent webinar which discussed how Colombo Port City could become a game changer for the island nation.
Cabraal asserted that it is imperative for agencies dealing with investors to meet their requirements immediately, just as in Singapore, where investor concerns are addressed within a working day.
Another area that requires further attention is getting in the necessary infrastructure mix, and the human resources equipped with the required skills to support and provide services at a “very efficient” level, he said.
“These are matters that we need specific attention. These won’t happen automatically. We need to ensure we have the required quality standard so that it (Port City Colombo) can be a sought after destination,” said Cabraal while pointing out that the endeavor should not be difficult to achieve as Sri Lanka has “great things going on”, such as the country’s strategic location, time zone, and climate. With consistency ensured, investors should be able to commit to the development project and have no “surprises,” Cabraal said.
“They (investors) must be able to have a clear understanding of what is going to take place, and that understanding, must be there consistently during the period of their investment and hopefully, for a long, long time,” he added.
According to the State Minister, the Port City Bill, which has created a stir over the last few weeks, has been drafted to have in place the most suitable structure with the objective to attract foreign investment. He stated that drafting of the law was done “very carefully” so that the environment is made conducive for investors to consider.