Colombo Port City promoter sets the record straight

Thursday, 22 January 2015 01:02 - - {{hitsCtrl.values.hits}}

China Communications Construction Company Ltd. (CCCC), as the proponent of the Colombo Port City Project, yesterday issued a statement in what it described as “setting the record straight”. The full statement is as follows. CCCC wishes to extend its fullest corporation to the Government of Sri Lanka and relevant authorities in providing all necessary information according to relevant regulations to assess and review the Colombo Port City Development Project. The Colombo Port City Project was born following a number of initiatives and attempts by different prospective project proponents, to develop a waterfront property in the city of Colombo. The first attempt was made by the Singaporean company CESMA, in 1998, initiated by the Government of Singapore, to study the ‘Colombo Metropolitan Regional Structure Plan’. The final plan published on 2004, developed by the Sri Lankan and Singaporean team, proposed a Western Region ‘Megapolis’ by 2030. However, the concept plans could not be implemented due to the vast cost in building the breakwater in deep water to protect the reclaimed land. The Port City became financially feasible only when the breakwater was integrated with the Colombo Port Expansion Project. Ranked 187th in 2014 among the ‘Fortune Five Hundred’ companies in the world, CCCC as a responsible corporatereiterates all necessary procedures were followed in the initiation of the project. CCCC has sought the expertise of internationally reputed development consultancy firms such as AECOM (America’s premier fully integrated infrastructure and support services firm), ATKINS (globally recognised UK based design engineering and project management consultancy), SWECO (Nordic region’s leading consulting engineering company in sustainable engineering and design), JLL (US and India’s professional services and investment management company specialising in real estate services), Pinsent Masons (UK) and PWC (US). Further, prior to CCCC undertaking the development of the project, in 2010 an initial Technical Feasibility Study and Environmental Impact Assessment (EIA) of the project was performed by the University of Moratuwa, under the directive of the Sri Lanka Ports Authority. The Technical Feasibility Study was subsequently approved by the Government of Sri Lanka and the Environmental Impact Assessment was published for the public’s benefit. Once public inquiries were answered, the Environmental Impact Assessment was approved by Government-approved agencies. Additionally, an Environmental Management Plan (EMP) was submitted by CCCC, and approved after monitoring the project’s environmental and coastal impact, as per the requirements of the Environmental Impact Assessment. The total duration of the process from submitting the proposal to signing the agreement, extended to four years, as all procedures of the Government’s procurement regulations were followed. CCCC is committed to support the Sri Lankan Government’s vision of making the country a gateway to South Asia. Spanning 233 hectares, the Colombo Port City is currently the single largest private-sector development project in Sri Lanka’s long, rich and storied history. The Colombo Port City will add strong economic pillars to the country’s existing development plans to make it a viable investment destination in South Asia. The project aims to create 83,000 new employment opportunities within different sectors, attract $ 13 billion of foreign investments from investors and developers across the region like India, Singapore, Malaysia and China and increase the number of tourists visiting the country for the next 30 years. CCCC, as a responsible corporate citizen, is fully committed to fulfil its enterprise responsibilities through due diligence, help develop the country’s economy and communities, share common interests and goals, and contribute to the sustainable growth of the country. FT Quick Take The first attempt was made by Singaporean company CESMA, in 1998, initiated by the Government of Singapore, to study the ‘Colombo Metropolitan Regional Structure Plan.’ The final plan published on 2004, developed by the Sri Lankan and Singaporean team, proposed a Western Region ‘Megapolis’ by 2030. However, the concept plans could not be implemented due to the vast cost in building the breakwater in deep water to protect the reclaimed land. The Port City became financially feasible only when the breakwater was integrated with the Colombo Port Expansion Project. In 2010 an initial Technical Feasibility Study and Environmental Impact Assessment (EIA) of the project was performed by the University of Moratuwa, under the directive of the Sri Lanka Ports Authority. The Study was subsequently approved by the Government and EIA was published for the public’s benefit Total duration of the process from submitting the proposal to signing the agreement, extended to four years The project aims to create 83,000 new employment opportunities within different sectors, attract $ 13 billion of foreign investments from investors and developers across the region and increase the number of tourists visiting the country for the next 30 years