February 21, 2024
Port City Colombo Signs MoU to Attract Investors at “Invest Sri Lanka – Retire Sri Lanka” Event in Singapore
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Port City Colombo Signs MoU to Attract Investors at “Invest Sri Lanka – Retire Sri Lanka” Event in Singapore

Nov 10, 2023

“Invest Sri Lanka – Retire Sri Lanka” – an event focused on attracting investment to Sri Lanka was held in Singapore, recently. The event served as the backdrop for the signing of a Memorandum of Understanding (MoU), between Port City Colombo and the Singapore Sri Lanka Business Association.

“Invest Sri Lanka – Retire Sri Lanka” was organized by the Singapore Sri Lanka Business Association (SLBA) with the valuable support of the High Commission of Sri Lanka in Singapore. This event provided a platform for in-depth discussions on investment opportunities in Sri Lanka, particularly in burgeoning sectors such as technology, real estate, healthcare, sustainable agriculture, and manufacturing. It also addressed the critical questions and concerns of those considering Sri Lanka as a destination for travel, investment, or retirement.

Notably, the event featured distinguished speakers, including Dr Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, and Mr Ahamed Razee, Acting High Commissioner of the High Commission of Sri Lanka in Singapore, who played key roles in presenting valuable insights and perspectives. Thulci Aluwihare, Deputy Managing Director of Port City Colombo, presented the investment opportunities within the Port City Colombo Special Economic Zone with a special focus on thrust sectors such as information technology and business process outsourcing (IT/BPO) sector. Together, their insights shed light on the opportunities awaiting investors in Sri Lanka’s high-growth sectors.

At the official signing of the MoU, representing the SLBA were, Lakshanthi Fernando, President; Sharlyn Stafford, Secretary; Senaka Tiranagama, Past President; and Angelo Perera, Past President. Port City Colombo was represented by Thulci Aluwihare, Deputy Managing Director; Radika Obeyesekere, Director Investment Promotions and Marketing, Stan Li, General Manager – Investment Promotions and Marketing; and Shalaka Wijeratne, Executive Director – Investment Promotions and Marketing.

Port City Colombo’s cosmopolitan lifestyle, world-class infrastructure and sustainable living environment were also showcased under the forum’s “Retire in Sri Lanka” segment with heightened interest expressed by the Sri Lankan diaspora. Presenting the Cinnamon Life proposition was Nayana Mawilmada – Head of the Property Group of JKH.

Port City Colombo’s next phase of development is driven by a five-year plan aimed at revitalizing Sri Lanka’s economy through FDIs. This plan calls for a substantial $5.6 billion in FDI, a move that will position Sri Lanka as a leader in the global service export market. The SEZ also aims to contribute a staggering $13.8 billion to Sri Lanka’s annual GDP and generate over 140,000 direct job opportunities. During the construction phase, a projected fiscal revenue of $1.7 billion is expected, with an annual recurring revenue of about $700 million during the operational phase.

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