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Addressing Development Challenges in the Colombo Port City: Insights from Wickramasuriya

Wickramasuriya, a Member of the Colombo Port City Economic Commission, recently discussed key challenges encountered in the development of the Port City project.

In his address, Wickramasuriya highlighted the primary issue of vacant land parcels within the Port City area, emphasizing the urgent need for investors, branding, operational expertise, and collaboration with landowners to drive successful developments.

He also delved into the complexities of project governance, noting the differing dynamics based on land ownership. Wickramasuriya stressed the importance of flexible regulations and mechanisms to address underperforming projects and maintain investor confidence.

Recognizing past shortcomings, Wickramasuriya proposed a shift in strategy towards securing upfront funding rather than relying solely on incremental marketing and negotiation methods. He suggested the establishment of a dedicated fund aimed at attracting investments specifically for the Port City initiative, streamlining financing efforts and facilitating strategic negotiations with stakeholders.

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