Lankapage Logo CP 17 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka Premier says government implementing former president's initiative to industrialize Hambantota
Sun, Jan 8, 2017, 12:09 pm SL Time, ColomboPage News Desk, Sri Lanka.

Jan 08, Colombo: Sri Lanka's Prime Minister Ranil Wickremesinghe said it was former President Mahinda Rajapaksa who first understood the necessity of the industrialization for Hambantota area to develop the Hambantota port and this government is only implementing his initiative.

Addressing the inauguration ceremony of the Sri Lanka - China Logistics and Industrial Zone (SLCLIZ) to be set up within the 'Ruhunu Economic Development Area' in Hambantota Saturday, the Premier said the former President had discussed development of Hambantota with the Chinese President during his time and had signed an agreement on 16th September 2014 to begin industries in this area.

The Prime Minister noted that the China EXIM bank loan of USD 1.4 billion should be settled from this year and therefore the VAT had to be increased. Under the deal the present government negotiated the 80 percent of shares that will be given to the China Merchant Company will cover about USD 1.1 billion of the loan while Sri Lanka will also have a special administrative right with the other 20 percent of shares.

Speaking about the acquisition of land for the Ruhunu Economic Development Area, the Premier assured that any religious or archeological lands will not be acquired for the project and 95 percent of lands that will be acquired are owned by the government.

According to him, there had been a discussion on Friday with Tissamaharama chief prelate and the former Speaker Chamal Rajapaksa and the issues pertaining to the acquisition of lands have been discussed there in detail.

The Premier revealed the plans to establish an economic zone called "South - West Corridor" from Kandy to Wellawaya covering Central, North-Western, Western, Southern, Sabaragamuwa and Uva provinces. The Western Province is to be the largest city of this corridor. With the implementation of South - West Corridor initiative about 70 percent of the population of the country will have a good income. In parallel to that, the North-East Corridor initiative covering Northern, Eastern, and North Central Provinces will also be set up.

The Prime Minister said that the funds will be received from China, Singapore, India, and Japan for the successful implementation of these initiatives and a powerful Sri Lanka will be created in the future.

 


ColomboPage - Recent 10 Stories ::
Milan Maersk mega containership docks at Sri Lanka's Colombo port
-- [4 hours ago]
Youth shot by masked gunmen in Jaffna succumbed to injuries
-- [5 hours ago]
Austrian company to invest euro 9.6 million to improve health facilities in Sri Lanka
-- [6 hours ago]
Speaker assures not to sign any legislation that harms Buddhism or any other religion
-- [7 hours ago]
Japanese Foreign Minister's Commendation 2017 awarded to three Sri Lankans
-- [7 hours ago]
NASDAQ hosts 'Invest Sri Lanka' delegates in New York
-- [8 hours ago]
Sri Lanka PM says those who spread false rumors on proposed constitution attempt to destabilize the country
Main reason for breaking down of the economy is the colossal debt crisis - JVP leader
Interest in Luxury yacht building and marina development in Sri Lanka is rising
Joint opposition to protest LG election delay

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.