Cabraal to woo Russian investors to Colombo Port | Daily News

Cabraal to woo Russian investors to Colombo Port

State Minister Ajith Nivard Cabraal and Minister of Industry Wimal Weerawansa at the event in Russia
State Minister Ajith Nivard Cabraal and Minister of Industry Wimal Weerawansa at the event in Russia

ST.PETERSBURG, June 4 - Sri Lankan and Russian officials are progressing in their discussions on the prospect of Russian investment in the Port of Colombo Project at the St. Petersburg International Economic Forum (SPIEF), State Minister of Money and Capital Market and State Enterprise Reforms Ajith Nivard Cabraal told news services in Russia. .

“We are looking forward to seeing many Russian companies being there and I personally see that as one of the key turning points in Sri Lanka’s turning, and we would like Russia to be an integrated part of that. We are discussing that yesterday. So far we had very good meetings but we are going to have follow up meetings and ones we have that we can move forward,” Cabraal said. The project, known as Port City Colombo, intends to construct an extension of the city’s business district. It is expected to turn 269 hectares of land reclaimed from the sea into South Asia’s premiere residential, retail and business destination, according to the project’s website.

Cabraal added that the project could draw $3-4 billion in investment every year from different locations and ventures around the world. The project is largely backed by Chinese funding, with US leadership accusing China of trying to create a military base in the country. However, the Sri Lankan authorities have maintained that the port is used only for commercial purposes.

The International Economic Forum, (SPIEF-2o21) is attended by President of the Russian Federation Vladimir Putin and top diplomats from around 120 countries and by heads of international economic organizations, CEOs of state and private companies in Russia and other countries.

The ‘St. Petersburg International Economic Forum’, which began in 1997, has now become the foremost global economic forum that provides a great opportunity for diplomats to discuss key issues on the global economic agenda and to suggest viable solutions through global cooperation.

The Rossiya Segodnya International Information Agency is a media partner of the event. (www.uniindia.com)