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Port City to add $ 13.8 b to GDP upon completion: PwC

10 Nov 2021

PricewaterhouseCoopers (PwC) has identified a potential $ 13.8 billion addition to the gross domestic product GDP upon the full operationalisation of Port City Colombo. PwC on Tuesday (9) presented their latest assessment of Port City’s economic impact to the Economic Commission. The assessment evaluates the potential impact of Port City Colombo across five key macroeconomic variables: Employment, gross domestic product (GDP), foreign direct investment (FDI), balance of payments (BOP), and government revenue. Having initiated the original report in early 2020, the November 2021 update explores the effect of the Special Economic Zone status conferred by way of the Colombo Port City Economic Commission Act and the “Five-Year Plot Rollout Strategy” of CHEC Port City Colombo (Pvt.) Ltd., the project company. Port City is envisaged to be focused on high-value modern services such as information and communication technology (ICT), maritime services, financial services, and other professional services by leveraging Sri Lanka’s strategic location amongst a fast-growing region, skilled talent pool, low-cost environment, and ease of doing business offered by the Special Economic Zone legislation. As an oceanfront extension of the existing Colombo Central Business District, Port City is also expected to have a destination appeal for city tourism. The five land plots earmarked in the master plan for luxury city hotels and an integrated resort could add a room inventory of ~2,900 keys to complement MICE (meetings, incentives, conferences, and exhibitions), yachting, medical value travel, and business and leisure travellers.


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