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Port City: new land title legislation

Business News from Sri Lanka: At the opening of’ Sri Lanka Buildcon and Wood International Expo 2019′ at the BMICH on Friday, Minister of Megapolis and Western Development Patali Champika Ranawaka informed visitors that the government gazetted the Port City landmass that will be part of the Colombo district and that fresh legislation will be put in place to provide land titles under the investment scheme.

“Work on the project will continue without hindrance, despite any political scenario that may unfold in the future, in meeting its timelines for completing each phase,” the minister said. Land reclamation work on the Colombo International Financial City (CIFC) project was completed earlier this year and the minister’s work on other project phases will be completed earlier this year.

Regarding the project kicked off this year’s Light Rail Transit (LRT), the minister said all the project feasibility studies were completed and next year’s work will start. The US$ 2.2 billion transportation modernization project is scheduled to be completed by 2025.”Events such as the Buildcon exhibition attracting stakeholders from around the globe paving the way for business opportunities, supporting the country’s efforts to rebuild the economy, “the minister said, adding that the construction industry is a key economic region.

Taranjit Singh Sandhu, India’s High Commissioner for Sri Lanka, said that Sri Lanka’s skyline has shifted from what it was twenty years ago with lots of high-rise houses and businesses. He said the trade show was an opportunity for Sri Lanka and India to explore opportunities for the company. The construction industry in India is a trillion-dollar enterprise that could benefit Sri Lanka. There are many Indian firms in Sri Lanka bringing technology and’ best practices.’ Similarly, many firms in Sri Lanka are working in India.

“Infrastructure is a major driver of economic growth. However, it should not be to the detriment of the setting. We must bear in mind what was said by renowned local architect Geoffrey Bawa-that infrastructure development should be mixed seamlessly with the setting,” said the High Commissioner, adding, “We need to build a new world, but it should not be supported.” The three-day exhibition, which began on Friday, features a global meeting in Sri Lanka for interior and exterior designers, as well as a conference on infrastructure growth. It’s coming to an end today.