Key players in the development of the Colombo Port City have finalized a groundbreaking US$ 1.565 billion deal in China, advancing phase two development, the Port City of Colombo announced.

The Port City of Colombo said the phase two development encompasses the Marina Project, Marina Hotel, and the Colombo International Financial Centre Project.

Meanwhile, President Ranil Wickremesinghe has also held discussions in China today (Oct 19) on the development of the Colombo Port City.

The President conducted significant deliberations on key focal points including the development of the Port City as an international financial centre, the formulation of new financial regulations specific to the Port City and the establishment of judicial and arbitration mechanisms exclusively applicable to the Port City.

According to the President’s Media Division (PMD), the President also engaged in discussions with distinguished representatives from several major Chinese corporations, including China Communications Construction Corporation, Sinopec Company and BYD Company.

These discussions placed considerable emphasis on the exploration of prospective investment opportunities and avenues within Sri Lanka.

The PMD said the dialogue also encompassed various sectors, including the electrification of Sri Lanka’s transportation systems, electric vehicle assembly and electric train services.

The corporate representatives of these esteemed companies have expressed their unwavering commitment to extending optimal support for advancing Sri Lanka’s economy and seizing the investment prospects the country offers.

President Ranil Wickremesinghe was accompanied by the Sri Lankan delegation during these significant discussions, the PMD added.