The Colombo Port City Project which consists of 233 hectares was launched by Chinese President Xi Jinping on Wednesday.An extent of 108 hectares from this reclaimed land is to be reserved for the company selected for this project.The estimated cost of 1.4 billion dollars for the first phase of this project is to be invested by China Communications Constructions Company.This is the biggest direct foreign investment development scheme ever implemented in Sri Lanka.An extent of 500 acre land fill up in the sea off Galle Face Green is developed as the port city.The two countries signed a Memorandum of Understanding and agreed to establish a Joint Working Group on Trade to study the feasibility of a China -Sri Lanka free trade agreement and measures to enhance Sri Lankan exports to China.Following bilateral discussions between Sri Lanka and China، the two countries signed 27 agreements to further cooperation between the two nations.Yesterday both leaders commissioned the third and last phase of the China-built Lakvijaya Coal Power Plant in Norochcholai.Through this final phase، two generators of 300 Mega Watts each will contribute 600 Mega Watts، which will be sent through high voltage transmission lines to Anuradhapura through 234 electrical towers.
President Xi Jinping’s visit to Sri Lanka is the first head of state of China visiting Sri Lanka in 28 years.