COLOMBO,: The Port City Colombo project will add US$13.8bil (RM57.32bil) to the country’s economy once fully operational, says a study by PricewaterhouseCoopers (PwC).

       The PwC study evaluated the impact of the Port City Colombo project on macroeconomic variables including employment, gross domestic product (GDP), foreign direct investment (FDI), balance of payments, and government revenue, and was presented to the Colombo Port City Economic Commission.

       The study found that the project could progressively attract additional investments up to US$12.7bil (RM52.75bil) over the next 20 years.

       The PwC assessment evaluated the potential impact of the Port City Colombo across five key macroeconomic variables: employment, GDP, FDI, balance of payments and government revenue.

       Having initiated the original report in early 2020, the November 2021 update explored the effect of the Special Economic Zone status conferred by way of the Colombo Port City Economic Commission Act and the “Five Year Plot Roll-out Strategy” of CHEC Port City Colombo (Pvt) Ltd – the project company.

       The Port City is envisaged to be focused on high-value modern services such as information and communication technology, maritime services, financial services and other professional services by leveraging Sri Lanka’s strategic location amongst a fast-growing region, skilled talent pool, low-cost environment, and the ease of doing business offered by the SEZ legislation.

       Port City is also expected to have a strong destination appeal for city tourism. ― The Island/ANN