Singapore here in a big way for development
Singapore is set to gain access to prime property around the Beira Lake in an ambitious development and investment plan which will see the South East Asian country building high-rises and setting up tourist ventures in Sri Lankan heritage buildings.
“Singapore is going to help us with our development, particularly the Western Regional Megapolis,” Development Strategies and International Trade Minister Malik Samarawickrama said. "They will clean up the Beira and also develop the area around the Beira. It might be on a Government- to- Government basis with funding, investment, by them.”
Minister Samarawickrama returned this week from a bilateral visit to Singapore led by Prime Minister Ranil Wickremesinghe. While there, they attended the South Asian Diaspora Convention 2016. Mr Wickremesinghe was the guest-of-honour at the inaugural session. In return for its investment, Singapore will get
high-rise buildings, real estate, offices and other facilities, the Minister said. “Land is available on both sides of D.R. Wijewardene Mawatha, the Fort, Chalmers Granary,” he elaborated. “They are looking at heritage buildings for tourism in the Fort. They have a lot of experience.” The Fullerton Heritage and Raffles Singapore are both luxury hotels set up in beautiful, old buildings.
“They are interested in tourism, real estate development and will also look at manufacturing components, adding value here and re-exporting to the ASEAN (Association of Southeast Asian Nations) market,” Minister Samarawickrama said. They are also interested in information technology and professional services.”
The proposed Free Trade Agreement (FTA) with Singapore will bring “huge advantage” to Sri Lanka, in this regard, he said. “Now we don’t have duty free FTAs with any other ASEAN country but Singapore does. If we have a good FTA with Singapore, part of the processing can be done in Sri Lanka so we can enter the value chain, and through Singapore enter the ASEAN market.”
The Sri Lankan delegation also held talks with the Chinese-led Asian Infrastructure Investment Bank (AIIB) in Singapore. A team from the institution--which supports infrastructure building in the Asia Pacific region--is due in Sri Lanka at the end of July. “They are looking at private sector and public sector infrastructure such elevated roads, sanitation, water,” he said.
Legislation is in the pipeline to facilitate the Government’s accelerated master plan. The proposed Development (Special Provisions) Act--envisaging the creation of agencies for development, interna- tional trade and rural economy--is now with the Legal Draftsman. Prime Minister Ranil Wickremesinghe is expected to address Parliament in this regard within the coming month.
The Western Region Megapolis Development Authority of Sri Lanka Bill will be presented to Parliament next month. Cabinet approved the draft (with amendments to an earlier version) just this week, the Minister said.
The Port City project, a Chinese investment, will also start moving after the monsoon is over. “The agreements will be in place mid to late August,” Minister Samarawickrama said. A supplementary agreement was negotiated between the two sides after the new Sri Lanka Government raised objection to the Chinese investor getting freehold land on the development. The company will now only receive a specified extent on a 99-year lease.