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* Local and foreign companies line up to invest in Sri Lanka's southern port city
Mon, Jul 28, 2014, 11:47 am SL Time, ColomboPage News Desk, Sri Lanka.

July 28, Colombo: Twelve leading local and foreign companies have lined up to invest in mass scale production facilities in the industrial city that is being developed adjacent to the Hambantota Ruhunu Magampura Port, a senior government official said.

The Chairman of Sri Lanka Ports Authority Dr. Priyath Bandu Wickrama said that these 12 companies have agreed to bring in US$ 1.55 billion as investment for projects.

The Chinese funded and built Port in the deep South has allocated 529 hectares for the industrial city. The Port has been made a Free Port that enables duty free import and re-export after value addition.

To establish port-related businesses within the Hambantota Port premises, the SLPA successfully floated a Request for Proposal (RFP) scheme in 2012.

The Hambantota port, which is a service and industrial port, has a clear advantage over many ports in the region due to its strategic location along the east-west shipping route.

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