Source: www.yamu.lk
BENIFITS OF THE PROJECT
When it comes to a construction project there are various direct, indirect,
short term and long term benefits
associated with. Port City is a massive construction project which can
generate thousands of employment
opportunities during its reclamation
and construction phases. Even after
finishing the construction still it can
generate employment opportunities due to various commercial and
maintenance related activities. In the
meantime Port City will act as a business hub attracting foreign investors and a unique tourist attraction.
Port City is a 100% Foreign Direct
Investment which is a remarkable
achievement for a developing country like Sri Lanka especially in case
of such a mega project. There are
various commercial activities to be
promoted within the city which will
create lots of economic benefits to
the country. One of the key features
of the project is the fact that the $1520 billion investment implemented
without addition to the debt burden
of the country. The initial plan had a
proposal for a Formula 1 track which
was later amended that might further enhance the uniqueness of the
project while attracting the outside
world more and more. Overall Port
City would be an iconic symbol of the
nation which will keep the country
ahead of neighbouring countries.
ECONOMIC CHALLENGES
There were several coastal constructions around the world where land was
reclaimed, such as palm islands in Dubai.
Dubai is a country whose economy is
heavily depending on the oil resource.
Owing to the depletion of oil reserves
the country is planning to shift to tourism
industry and to become an International
Business Centre in future. Some critics
argue unlike Dubai, since Sri Lanka is rich
of other sources of resources which can
be utilized to generate economic benefits,
undertaking a Project like Port City is
financially not viable. Dubai in the sense
has a High GDP and a Per Capita Income
and in a position for such a transformation
whereas Sri Lanka is still having some
issues to be addressed before undertaking such a project. Moreover the addition
of 500 acres to the beachfront will bring
down prices of existing land area. Most of
the hotels close to Galle Face are facing
this threat since they are going to lose
the sea in front of them. Owing to the
massive amount of construction material
needed, the demand for the construction
material will be boosted. More economic
issues could be generated with the progress of the project. Nevertheless those
issues have to be handled carefully while
the maximum benefit is extracted out of
the threats.
E N V I RO N M E N TA L
EVALUATION
I M PACT
Environmental Impact Evaluation (EIA)
has been the most controversial issue
associated with the Port City Project.
Recently it has been the major reason for
the abandonment of the Project recently
although it is now back on track with a
new EIA in progress. Although an EIA had
been done by the University of Moratuwa
that EIA is lacking few important aspects.
Some argue that the EIA does not cover
the whole scope of the project but only
few aspects. There had not been a proper
feasibility study at the initiation of the
project. In 2010 few senior professionals
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