{"id":107627,"date":"2021-05-19T17:43:24","date_gmt":"2021-05-19T12:13:24","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=107627"},"modified":"2021-05-19T21:47:20","modified_gmt":"2021-05-19T16:17:20","slug":"sri-lankas-colombo-port-city-project-clears-all-hurdles","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/sri-lankas-colombo-port-city-project-clears-all-hurdles\/","title":{"rendered":"Sri Lanka\u2019s &#8220;Colombo Port City Project&#8221; clears all hurdles"},"content":{"rendered":"<p><strong>What is the News?<\/strong><\/p>\n<p>The Sri Lankan Supreme Court has cleared the \u201c<strong>Colombo Port City Project\u201d <\/strong>with minor modifications.<\/p>\n<p><strong>About Colombo Port City Project:<\/strong><\/p>\n<ul>\n<li><strong>Firstly, Colombo Port City Project<\/strong> is a large-scale integrated city being developed near Colombo, Sri Lanka.<\/li>\n<li><strong>Secondly, <\/strong>the city is being developed as a <a href=\"https:\/\/forumias.com\/blog\/development-of-special-economic-zonessezs\/#:~:text=Special%20Economic%20Zone%20(SEZ)%20is,a%20country's%20typical%20economic%20laws.\">Special Economic Zone(SEZ)<\/a>. It <strong>aims<\/strong> to attract billions of dollars for trade, banking and offshore services similar to what is available in Dubai and Singapore,<\/li>\n<li><strong>Thirdly, <\/strong>China Communication Construction is <strong>developing<\/strong> the project through its subsidiary China Harbor Engineering Construction (CHEC).<\/li>\n<li><strong>Fourthly, <\/strong>the Port City will be a<strong>dministered by<\/strong> a commission with unprecedented powers to fast track investment approvals.<\/li>\n<li><strong>Fifthly, Benefits: <\/strong>The transactions within Port City will be denominated in foreign currency. Further, all salaries earned by any worker of the Port City will be tax-exempt.<\/li>\n<li><strong>Sixthly, Significance of the Project: <\/strong>It is the single biggest private sector development in Sri Lanka. It is also expected to transform Colombo into a commerce, tourism and cultural hub.<\/li>\n<\/ul>\n<p><strong>Criticism of the Project: <\/strong>The port city has been criticised for several reasons:<\/p>\n<ul>\n<li><strong>Environmentalists claim the port city contains<\/strong> many environmental hazards. They believe that the adverse environmental impact of the project would be far greater than the economic benefits.<\/li>\n<li><strong>Maritime sector veterans pointed out the dangers <\/strong>Sri Lanka may face due to giving outright ownership of land to China. That too especially in a high-security zone. This may impact Sri Lanka\u2019s sovereignty.<\/li>\n<\/ul>\n<p><strong>Source: <\/strong><a href=\"https:\/\/epaper.thehindu.com\/Home\/MShareArticle?OrgId=GD78JFII1.1&amp;imageview=0\"><strong>The Hindu<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is the News? The Sri Lankan Supreme Court has cleared the \u201cColombo Port City Project\u201d with minor modifications. About Colombo Port City Project: Firstly, Colombo Port City Project is a large-scale integrated city being developed near Colombo, Sri Lanka. Secondly, the city is being developed as a Special Economic Zone(SEZ). It aims to attract&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/sri-lankas-colombo-port-city-project-clears-all-hurdles\/\">Continue reading <span class=\"screen-reader-text\">Sri Lanka\u2019s &#8220;Colombo Port City Project&#8221; clears all hurdles<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,164,9],"tags":[1333],"class_list":["post-107627","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-international-relations-daily-factly-articles","category-public","tag-ir_0","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":1700791518,"cached_date":1701967422},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/107627","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=107627"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/107627\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=107627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=107627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=107627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}