Govt.’s urban development drive kick-starts $ 2.5 b in new private sector investment

Thursday, 11 July 2013 02:57 - - {{hitsCtrl.values.hits}}

The Government’s efforts in improving urban development have resulted in the generation of $ 2.5 billion worth of investment projects by the private sector, according to Finance Secretary Dr. P.B. Jayasundera. “The transformation of the urban landscape here in Colombo as well as in many major townships is a success story in itself and in improving investment climate. Relocation of Government establishments has released land for large scale flagship investments while making it a good source of capital formation to relocation and development of modern settlements. Restoration of archeologically important buildings has given space for private sector for new investment avenues,” Dr. Jayasundera said. “Investments in flood protection and ‘clean green city’ concept has improved business outlook in cities and living environment in urban settlements. Firm investment commitments of so far recognised investments under Strategic Investment Law now exceed US$ 2,000 m in additions to investments under normal tax law of around US$ 500 m. This shows the multiple extent of private investment through public investments in urban development,” Finance Secretary told the Ceylon Chamber of Commerce Economic Summit yesterday.

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