Sri Lanka is moving away from taxpayer funded Public Private Partnerships (PPPs), which has been the norm, and switching to privately funded PPPs and a domestic Infrastructure Corridor Development plan of the government within Sri Lanka has been swiftly promoted at a high profile Asia Pacific investment forum in Dhaka.
“Prime Minister Ranil Wickremesinghe is calling for more private sector initiated PPPs rather than PPPs from Sri Lankan taxpayer’s money,” said Minister of Industry and Commerce, Rishad Bathiudeen on February 8 in Bangladesh addressing the Asia Pacific Business Forum.
“Sri Lanka’s previous government showed special interest for PPPs in its Development Policy Framework 2010–2016 resulting in the Colombo South Port Development Project, a Sri Lankan PPP success”.
“Thanks to the project large container ships can berth in Colombo port. With its aim of making private sector a driver of employment and development, the new unity government is even more focused on PPPs.”
“It is planning to create one of the largest infrastructure projects in Sri Lanka’s history called as the Western Region Megapolis.
Once completed this Megapolis is expected to be the largest city in the Indian ocean with 8 million people. The government is also interested in using PPPs for other sectors such as transport, energy, water, sanitation and irrigation development.”
The new Port City project which is part of our larger Megapolis initiative would bring in more FDIs to the country. The Port City’s progress is also based on PPP.
“Interestingly, our Prime Minister Ranil Wickremesinghe is calling for more private sector initiated PPP rather than a PPP from Sri Lankan taxpayer’s money.”
“Therefore the Megapolis, Port City infrastructure and economic corridors, as well as tourism are viable investment options for global and Bangladeshi investors who are present here.”
“PPPs must go deeper and should focus on key areas of inclusive and sustainable development. The private sector can make profound contributions” said United Nations Under-Secretary-General and Executive Secretary of ESCAP, Dr. Shamshad Akhtar.
“Research indicates 71% of businesses are already planning on how to engage with the Sustainable Development Goals (SDGs). Through delivering on the SDGs, the private sector stands to potentially benefit $ 12 Trillion of business opportunities globally, which could create almost 380 million jobs by 2030” added Dr Akhtar.
During his visit to Dhaka, Minister Bathiudeen also held sideline meetings to promote Sri Lanka to Bangladeshi businesses and Chambers.
Commenced in 2004, APBF is an annual platform for regional public-private sector dialogue.
Themed “Regional Integration to Achieve Sustainable Development”, this year’s event has been organized in Dhaka by ESCAP with the Government of Bangladesh and the Bangladeshi International Chamber of Commerce (ICC).
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