Government decides to continue with Sri Lanka’s Colombo Port City Project
Posted on February 5th, 2015

Courtesy Adaderana

The Cabinet has decided to continue with the Chinese government assisted Colombo Port City Project. This decision has been taken at the Cabinet meeting today, said Health Minister Rajitha Senaratne.

New President Maithripala Sirisena is to discuss this project with China during his visit in March this year.

Minister Senaratne also said that the draft of the National Drugs Policy has also been approved by the Cabinet and would be presented to Parliament shortly.

China Communications Construction Company (CCCC) is one of the major investors in the Colombo Port City project which would reclaim land on the Colombo shoreline. The company will also own 20 hectares of the land on completion and have a 99 year lease on another 170 hectares, the total extent of the development being 233 hectares.

This project funded through a loan from EXIM Bank of China became one of the most criticized during the run-up to the 08 January Presidential election.

8 Responses to “Government decides to continue with Sri Lanka’s Colombo Port City Project”

  1. Susantha Wijesinghe Says:

    BRAVO BRAVISSIMO, VERY WELL DONE.

    Now we see the Carpet being rolled open. Thanks Rajitsen.

    Election time all Carpets were rolled back after stage play.

  2. SA Kumar Says:

    Government decides to continue with Sri Lanka’s Colombo Port City Project- CCCC signed contract SL Govt have to obey.

    to whom you are fooling ??? many more contract to obey from MR comic economic policy !!! Mother Lanka Sold

    BR – Have you got your 10% commission Sir?

  3. Leela Says:

    New fruit salad government’s criticism and threat to cancel Chinese projects in Sri Lanka as corrupt during election time but mincing its own words with its tail between the legs soon after show that the President and the Prime Minister have no brains to foresee the future and hence Rajapakse will definitely bounce back as the visionary leader of the country sooner than we have expected.

  4. Mr. Bernard Wijeyasingha Says:

    From articles in Asia Times it stated that China will not be that easy to push aside, regardless if that is the wish of the Modi led India or the Obama led USA.

    the pathetic excuse of using the presence of 2 Chinese submarines that docked in Sri Lanka on 2 different occasions as a “threat” to India including the reason to oust Rajapakse flies in the face of the massive multi billion dollar deal China has with India. It is close to 60 billion in two separate deals. Modi will be going to China and he too cannot afford to play to “containment policy” sung by Obama when he was in New Delhi.

    The Sirisena coalition did not ‘wise up”, they most likely were told by Beijing that China will not be pushed so easily, not in Sri Lanka, not in India and certainly not with the US.

  5. Fran Diaz Says:

    And here’s another one !

    Minister cuts wealth-flaunters down to size; breaks ‘tradition’
    February 4, 2015, 6:44 pm – Island

    by Sanath Nanayakkare

    Making a paradigm shift from the past of the United National Party, Finance Minister Ravi Karunanayake told a large business gathering recently that the government has to tax the two percent of the wealthy to provide relief to the 98 percent of the general public who voted the new government in.

    “We must fulfill the deserving aspirations of the 98% of the people. I know that businesspeople in the upper echelons have become concerned about some of the tax proposals, the minister said.

    Karunanayake made these comments at an event organized by the Ceylon Chamber of Commerce at the JAIC Hilton last week, only a day after the new government presented its Interim Budget 2015 in parliament.

    The event lent an opportunity for a large gathering of businesspeople to also hear Deputy Minister of Economic Affairs Dr. Harsha de Silva, Central Bank Governor Arjuna Mahendran and economist and former Central Bank and Treasury official Indrajit Coomaraswamy.

    Defending the retrospective tax imposed on large-cap earners, the minister said the purpose of this tax is to retrieve ‘ill-gotten’ gains made in the past few years and not imposed on a fortune made in a lifetime.

    Responding to a question whether the new government would refrain from engaging in business, letting the private sector to do business, the minister said,”Yes, that’s what we would do. But it was the private sector that engaged in other activities outside their realm of business in the recent past, by holding Momentum Forums and so on and playing an inherent role in politics.

    Talking further about the tax proposals in the budget the minister said; “In the short term, we may be seen offensive in certain areas, but we had fundamental reasons to bring in one-off taxes. However, as we’ve said, one-off taxes will remain one-off unless the market behaves in a different way.

    “We don’t intend to distort the market, but if there are any ill-gotten gains out there, we’ll show no mercy on the acquirers, he emphasized.

    “Only those with two billion rupees of profit in the tax year 2013/2014 will be liable for Super Gains tax. These businesses will be liable to pay 25% of their profit. It applies only to single entities and not to consolidated group earnings.

    “If there are any unwitting errors made in the budget, we’ll be the first to admit and correct them. We’re a learning government. We don’t claim to know everything. Please bring your ideas over to us. Let’s try to meet about once a month and take this discussion forward. We are an open government with responsible fiscal behaviour. We are keen to see the economy moving forward in an equitable manner. So there’s no need for one lot of businesspeople to frequent the Finance Ministry, the Prime Minister’s Office or the President’s Office anymore.

    “We are only using one-off taxes to clear the flows in the past. We have inherited this situation. If we just write off what was done by the previous regime, there’s no need for a Super Gains tax. We will not use these taxes for witch-hunting, Karunanayake assured.

    “Please help us take the economy forward, the minister appealed demonstrating humility.

    Suresh Shah, chairman, Ceylon Chamber of Commerce making a poignant remark about the 25 percent Super Gains Tax imposed on companies told the minister that not all companies have made ill-gotten gains and expressed his concern about the perception it could create in the country that all businesses have made ill-gotten gains.

    Dr. Harsha de Silva, Deputy Minister of Economic Affairs conforming to the tenor of the finance minister’s views told the gathering that the new government wants to see the household income of the people increase adequately.

    The deputy minister’s remarks reminded of the common Opposition’s slogan during the recent presidential election campaign that wages and incomes for middle class families had not increased in line with present-day cost realities.

    Indrajit Coomaraswamy, economist and former Central Bank and Treasury official expressed concern about the capability of one-off taxes to meet the government’s recurrent expenditure. “As we go forward, we need to learn lessons to see whether we have done it the best way,Coomaraswami said.

    Central Bank Governor Arjuna Mahendran said the country’s tax policy needs to be considerably simplified along with automation, to enable a potential increase in the revenue base.

    Gatherings like this one held at the JAIC Hilton afforded opportunities for the rich to freely share their ideas and express their fears and concerns.

    For the rich, in fact, every percentage point of anything they own and enjoy is crucial. For them, it’s worth shouting and banging on the table for. It’s even worth negotiating.

    But, nevertheless, people of low-income classes have to endure hardships until an election comes or take to the streets to give voice to their live-or-die grievances.

    In this backdrop, it appears that the government is on a knife-edge as a general election is coming and it has to consolidate the trust of the people across the country while maintaining macro-economic stability.

  6. Lorenzo Says:

    Another EXCELLENT decision by the new govt.!

    We should APPRECIATE the GOOD and CRITICIZE the BAD.

    Fran’s new is also EXCELLENT. UNP has finally reached grassroots levels!!

    There is MORE GOOD NEWS.

    The NATIONAL DRUGS POLICY is passed! Now rich pharma companies MOSTLY SOUTH ENDIAN COMPANIES canot dictate terms to SL people!! Isn’t it EXCELLENT! NO govt. until now took REAL interest to do it.

    Can you blame me for supporting these good moves?

  7. Ananda-USA Says:

    Ado Yakko “Facebook” Lorenzo,

    ARE YOU BACK AGAIN spouting INANE Homilies to patriots…. “We should APPRECIATE the GOOD and CRITICIZE the BAD?”

    If so, why did you make LISTS UNDERMINING the GOOD things MR did … like RECONSTRUCTING the war zone and RESTORING the train service to the North?? The Port CITY, the Expressways, the Magampura PORT? NOTHING he DID was GOOD for you … because that did not FIT YOUR Anti-National Agenda to OUST him!

    The key to this strategy is to defuse criticism of himself “Can you blame me for supporting these good moves?” by NOW praising MOTHERHOOD and APPLE PIE!

    Got another paycheck from the REGIME CHANGE sponsors to SOMEHOW maintain a presence for MORE MISCHIEF at LankaWeb?

    WHAT a DEVIOUS virtual WAR GAMES EXPERT!

    BLOODY EELAMIST HYPOCRITE to the VERY END!!

  8. NAK Says:

    We knew from the begining that thay were just bluffing. Fooled the people and got their vote. So far only Wimal’s wife has been charged with a specific charge.
    It would have cost a fortune to stop a project like that.
    The dentist yesterday showing his full set of dentures said “no we never said to scrap the project, like wise almost all the projects will contitnue.
    Only Nothern high way will be reassed. That will also be back on track when they find out the estimates are genuine. Probably few more palms will need to be oiled.
    Champika was all at war screaming the roof off saying” we have all the details and names and we’ll reveal all and we are not scared of this corrupt rulers”.
    All come to nought.
    Nearly a month after he has not revealed a single name.

    Every passing day he proves what Prof.Nalin told about him is true. He is just another power hungry rabid.

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