Hambantota Port PPP, important step towards maritime hub: CCC

Hambantota-port

Aug 15, 2017 (LBO) – Ceylon Chamber of Commerce says it appreciates the steps taken to develop the Hambantota Port as a Public Private Partnership (PPP) as it marks an important step towards the goal of positioning Sri Lanka as a full-service maritime hub nation.

The chamber said in a statement that apart from boosting foreign reserves, the reported scale and size of the investment is expected to generate meaningful FDI in port-related activities, as well as businesses around the port.

At a meeting held recently, the Ports Minister has elaborated on several areas that had been of concern to various stakeholders.

“Observing that international rating agencies had been quick to highlight the positive effects of the transaction, industry representatives noted further that the consequent economic benefits arising from a growth in industrial activity, would create more employment opportunities,” CCC said.

“It will also provide sizable impetus to propel growth in the maritime related services and logistics sectors around the Port of Hambantota.”

The Chamber now expects the implementation of the Agreement to be effected in a manner that would serve the best interests of our country.

Later this month, the Chamber is convening a seminar for its members on the subject of the Hambantota Port development, with key officials.

The seminar will provide an opportunity to hear more details and seek clarifications on the obligations assumed under the Agreement and the plans for implementation.

While recognizing the circumstances in which this PPP deal was required to be finalized, the Chamber urges the Government to ensure that the principle of collective responsibility is respected, so as to inspire confidence in the final decision taken.

“Sri Lanka needs to enhance its reputation as a business destination that has a credible and predictable investment regime.”

“This imperative is challenged when seemingly conflicting sentiments are expressed by responsible Government sources.”

The National Agenda Committee on Logistics and Transport comprises of leaders in the private sector and public sector with experience in the maritime, shipping, and logistics sectors.

Since last year, the NAC has been continuously lobbying to fast-track the development of the east container terminal and the development of an e-Hub for trade facilitation, all aimed at boosting Sri Lanka’s position and status as a vibrant hub.

This Committee is part of five National Agenda Committees functioning as thought-leadership groups at the Ceylon Chamber of Commerce, developing insights and advocacy on key strategic economic themes.