China says the Port City project is in the best interest of Sri Lanka. China is building a new city along Colombo\u2019s coastline that will become the city\u2019s central business district by 2030, creating 80,000 jobs for Sri Lankans, under the mainland\u2019s \u201cBelt and Road Initiative\u201d.<\/p>\n
\u201cSri Lanka is in urgent need of a high-end platform to attract financial institutions, multinational companies, shoppers, tourists as well as provide jobs for well-educated locals as a part of its post-war reconstruction. The Port City project is planned in the best interest of Sri Lanka,\u201d said Sun Ziyu, vice president of China Communications Construction Company (CCCC) in an interview with the South China Morning Post.<\/p>\n
With an initial investment of US$1.4 billion, Colombo Port City is China\u2019s biggest project in Sri Lanka, a key node along the Maritime Silk Road of the Belt and Road plan.<\/p>\n
Sun said the development within Sri Lanka\u2019s biggest commercial city, which will be built on 269 hectares of reclaimed land, would accommodate 200,000 residents and consists of apartments, hotels, offices, shopping malls, exhibition centres, as well as provide 80,000 new jobs. It is expected to be completed by 2030.<\/p>\n
Sun said the reclamation work had helped transform the area\u2019s coastline which was previously hit by strong winds blowing towards the Indian Ocean that made it less livable.<\/p>\n
\u201c[This has] also improved coastal protection, and is a boon to the environment,\u201d he said.<\/p>\n
China\u2019s \u201cBelt and Road\u201d plan comprises a belt of overland corridors and sea routes connecting Asia, Africa and Europe through building infrastructure and boosting financial and trade ties for over 60 countries that lie along the routes.<\/p>\n
In 2016 alone, Chinese firms signed new construction projects worth a total contractual value of US$126 billion. CCCC accounted for one-tenth, or US$12.6 billion of the projects.<\/p>\n
Courtesy: Colombo Gazette<\/p>\n","protected":false},"excerpt":{"rendered":"
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