PM kicks off Logistics City in Muthurajawela

Prime Minister Ranil Wickremesinghe and Megapolis and Western Development Minister Champika Ranawaka laying the foundation stone for the Logistics City in Muthurajawela yesterday   

Prime Minister Ranil Wickremesinghe yesterday said that the Government’s aim is to transform Sri Lanka from an island into the heart of the South Asian region with new trade agreements, investment and employment. 

Taking part in the foundation laying ceremony of the Logistics City in Muthurajawela, which is to be part of the Government’s development centerpiece the Megapolis project, Wickremesinghe recalled that Sri Lanka thrived when ancient trade routes through the Indian Ocean were popular, as the island was at the centre of world trade. 

“All our ports were in use and the country thrived. Now once again we see South Asia and the Asia Pacific emerging as the fastest growing region in the world. On one corner we have Dubai and on the other Singapore. Maritime trade, air routes, investment and migration flow through these places bringing economic growth.” 

The Prime Minister insisted Sri Lanka has to regain the opportunities that it lost during the war. 

With this goal in mind, he said, the Government is opening new investment zones and signing fresh trade deals with Europe, China and a host of other countries to pave the way for their companies to invest in Sri Lanka. 

Wickremesinghe also outlined plans to establish a development zone combining Colombo, Kandy and Hambantota. He referred to the large amounts of loan repayments the Government would have to do over the next two years, which the Finance Ministry on Thursday estimated to be as high as $4 billion by 2019. Technology transfer through foreign direct investment (FDI) would also be an advantage for Sri Lanka as it is attempting to upgrade its human resource skills. 

“This is why we created a coalition government. When one party is in power, the opposition opposes everything that they do. But now, even though both parties will contest the next elections separately, investors know that our policies will remain the same. So they have confidence. They know Government policies will remain the same in the next 15-20 years,” Wickremsinghe said. 

He went onto point out that the Megapolis project would work to resolve issues of urban poor and provide a higher standard of life to the public. The aim is to bring Colombo to the forefront as a major South Asian city, he added.