SLPA to triple revenue by 2020

By Lalin Fernandopulle

The Sri Lanka Ports Authority (SLPA) will triple revenue by 2020, SLPA Chairman Dr. Priyath Bandu Wickrama told a seminar on ‘Vision 2020 Logistic Excellence in the Silk Route’ organised by the Sri Lanka Apparel Exporters Association and the Shippers’ Academy last week.

Dr. Wickrama said that revenue from the port sector is around US$ 330 million and added that the SLPA targets US$ 1 billion by 2020.“We hope to boost revenue from the port sector which is now poised for high growth with modernisation and enhanced capacity thereby attracting large vessels.

The SPLA targets around US$ 10 billion in foreign investments by 2020,” Dr. Wickrama said.

The SPLA has launched a seven-year strategic plan to achieve its yearly targets and make a salient contribution to the economy. The Colombo Port is already a hub port in South Asia. The strategic plan will help boost trade and ensure safety and security of cargo with modern technology and equipment.

‘We have initiated an online project for better connectivity with customers and hope to complete it this year. The SLPA will reduce its carbon footprint through green technology and innovations.

The SLPA provides facilities for oil storage and exploration in the country. We will set up standards and guidelines to improve the quality of port activities and boost foreign exchange earnings,” Dr. Wickrama said.

He said that SLPA plans to commence operations of the East container terminal before the end of August, set up an inter-model transport network to minimise congestion by linking with the railway, widen port internal roads, construct a cargo village to reduce transport cost and clearing time, construct a headoffice building to get all activities under one roof and extend the passenger terminal.

Dr. Wickrama said that the SLPA will have a marketing strategy for different zones. It will have a different rebate structure to attract business from Bangladesh and Pakistan. It will also welcome shipping lines with over 18,000 TEUs.

He said that Sri Lanka will use its expertise and capabilities in all port activities.

“We will build terminals and provide consultancy services abroad,” he said.

The Hambantota port will be a free port for the manufacture and processing of goods. It will be an international service, industrial and container handling port.

He said work on the Colombo Port City project has commenced and will be completed within 39 months (around December 2016 or January 2017) with an investment of US$ 900 million on 230 hectares of reclaimed land.

It will be the single largest investment project in the country by the private sector.

The offshore city in Colombo will be built adjacent to the Galle Face Green. The construction resources of the Colombo Harbour Expansion project will be used to built the city.

The reclamation of land will be carried out by China Harbour Engineering Corporation, which has been engaged by the investor. The investor is expected put in another US $ 2.5 billion to develop a part of the land. The balance will be sold on 99-year leases to potential investors.

The port city will include roads, water, electricity, communication facilities, shopping areas, water sports area, mini golf course, hotels, apartments, recreation areas and also marinas.

Dr. Wickrama said the port city will boost tourism in the country and will attract foreign investments. The city will have an attractive landscape and will generate employment opportunities and reduce congestion in Colombo.