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Economic vision for Colombo: UDA pens MoU to promote commercial venues

04 Dec 2021

By Uwin Lugoda  The Urban Development Authority (UDA) entered a Memorandum of Understanding (MoU) with the Colombo Businessmen’s Association to promote several commercial venues under development in Colombo in a bid to meet their new economic vision for the city, The Sunday Morning learnt. The MoU is viewed by the authority as an active agreement to launch new economic programmes, a senior official said. According to the UDA, they have been instructed by Prime Minister Mahinda Rajapaksa, in his capacity as the Minister of Urban Development and Housing, to develop key locations in Colombo under a new trade economy vision. UDA Director General Prasad Ranaweera revealed to The Sunday Morning that the Colombo Businessmen’s Association had taken over the development of the Pettah Floating Market, Old Dutch Hospital, Colombo Gold Centre, and Racecourse. “We saw that these economic hubs had been neglected by the previous Government and we decided to reactivate them as key economic hubs on the instructions and guidance of Prime Minister Rajapaksa, and under the supervision of State Minister of Urban Development, Sewage Disposal, and Public Sanitation Dr. Nalaka Godahewa. The resurrection of these locations was also a goal stated in President Gotabaya Rajapaksa’s ‘Vistas of Prosperity and Splendour’ policy framework,” Ranaweera stated. Commenting on the MoU, Ranaweera said: “Our hope is that with the implementation of this new programme and the subsequent development of these places, they will become better tourist attractions within Colombo.” Accordingly, the UDA had made arrangements to open a tourist information office in the Floating Shopping Complex in Pettah for tourists visiting Sri Lanka. This will allow tourists the opportunity to stay informed about travel routes, required accommodation arrangements, and destinations. The entire programme is set to be implemented digitally, to increase ease of access. The Pettah Floating Market in question was reopened to the public last March, following renovations after years of neglect. “We also plan to use this programme to improve the facilities of these places in such a way that they can attract both local and foreign tourists,” he added.  Another objective of this development is to improve the manufacturing process of small and medium-scale entrepreneurs in Sri Lanka, by increasing product sales. Ranaweera opined that this will support the overall economy, by helping to bring in foreign exchange.  Moreover, the UDA planned to implement business promotion programmes in these economic hubs for a period of six months in addition to economic and technology programmes to develop the knowledge of schoolchildren. In order to supplement these objectives, the UDA had also planned to organise various events in the Pettah Floating Market this Christmas season, starting from 10 December and ending on 31 December. “Entrepreneurship is enhanced through the processes of building the local economy, increasing production, and increasing exports. So, these programmes were implemented with the aim of developing the country’s economy,” said Ranaweera.  


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