KARACHI: Assistant General Manager of CHEC Port City in Colombo, Sri Lanka Simon Tham has advised the business and industrial community of Karachi particularly those from the construction sector, to look into the possibility of investing in the CHEC Port City Colombo which is going to be the world class city of South Asia, providing the highest quality commercial, entertainment, medical, education and lifestyle opportunities.
Exchanging views with President KCCI Junaid Esmail Makda during his visit to Karachi Chamber of Commerce & Industry (KCCI), Simon Tham informed that the Port City Colombo will be spanning 269 hectares of reclaimed land from the sea, which would become South Asia’s premiere residential, retail and business destination, offering unmatched planned city living along the warm waters of the Indian Ocean.
“The development will comprise of five different precincts including the Financial District, Central Park Living, Island Living, The Marina and the International Island”, he added.
He informed that this mega project was being developed by the Sri Lankan government and CHEC Port City Colombo Pvt. Ltd of China, a subsidiary of China Communications Construction Company Limited. “It is expected to take 25 years to complete, and the aim is for the city to be a shining rival to Hong Kong, Dubai and Singapore. The reclamation of 269 hectares of land for the project was completed in January and the second phase, construction of basic infrastructure for Port City Colombo, is expected to be completed in about 12 months.
President KCCI Junaid Esmail Makda, while inquiring about the ownership rights of foreign investors, facilities being offered, land lease policy for Port City Colombo and other relevant queries, assured to circulate the info about Port City Colombo amongst potential businessmen and investors from KCCI’s platform.
While highlighting the potential of Pakistani market, he pointed out that Pakistan is strategically located to become Asia’s premier trade, energy and transport corridor. It is also the gateway to the energy rich Central Asian States, the financially liquid Gulf States and the economically advanced Far Eastern tigers. This strategic advantage alone makes Pakistan a marketplace teeming with possibilities.
“In the global financial crisis, Pakistan’s economy has shown resilience to the shocks and has maintained global and regional patterns and has performed better than some of the neighboring countries”, he added.
He further pointed out that the consumer market in Pakistan is growing at a very fast pace as reflected by tele-density which has now reached more than 150 million. The financial markets in Pakistan have shown rapid growth in the past decade comparative with global markets. The untapped potential for growth in this market is now turning heads in the world of investment management.