China Merchant Port Holdings Company Ltd. (CMP) is eager to work with the Government of Sri Lanka in developing the Hambantota port and the Southern region, Deputy General Manager, CMP, Hang Tian told the Sri Lanka Economic Summit 2017 last week. He said mega projects of this nature will help drive large scale investments to the country and create a host of jobs for Sri Lankans.
“The project will help bring about a transformation in the region with large scale investments from across the globe. The agreement is not only to manage the port, but bring development to the region,” Tian said.
Siting examples of how CMP is recognized and expanded its operations through out the globe Tian said the company played a key role in the development of the Colombo International Container Terminal (CICT) since it won the bid to develop the terminal in 2009.
CMP, a diversified conglomerate has assets exceeding USD 14 trillion and profits USD 16.6 billion as of last year. Its portfolios comprise transportation, finance, ship repairing and city development.
Tian said Shekon, which was a mere fishing village 38 years ago is today an industrial city. Mega projects bring enormous benefits to the cities and countries. Private sector led investments should be the focus in development projects as governments alone cannot carry out large scale projects.
“Willingness to change, political stability and transparent administration are vital for development,” he said. China Development Institute Vice President Dr. Qu Jian said the Shenzhen Special Economic Zone (SEZ) is a huge success story of setting up (SEZ) to develop countries. SEZ attracts global investments which helps development. Shenzhen Special Economic Zone set up in 1980 is the first SEZ in China. Seven other special economic zones were subsequently established.
John Keells Holdings PLC, Head of Legal, Secretarial and CSR, Nadija Tambiah said the legal system in the country is quite robust to support and facilitate mega development in the country. “We have seen how the legal system has helped mega development projects such as the ports and highways take off,” Tambiah said.
However, expressing a different view, Ministry of Megapolis and Western Province Development Project Director Lakshman Jayasekara said that the legal framework in the country is not supportive for development.