China Communications has promised to invest $300m in the second phase of its Port City Colombo project.

Company chair Wang Tongzhou made the pledge to Sri Lankan president Ranil Wickramasinghe yesterday.

China Communications has spent $1.4bn on the scheme so far, with work undertaken by its China Harbour Engineering subsidiary.

The port, which is also called the International Financial City, is being built on 269ha of reclaimed land. Work began back in 2014 and is not expected to be fully complete before 2041.

Tongzhou said the company planned to invest the $300m before June this year. It will be used to accelerate construction and promote the city to potential tenants.

He also asked President Wickraramasinghe to provide China Communications with more opportunities in Sri Lanka’s transportation, urban development, energy, and water sectors.

Dilum Amunugama, the minister for investment promotion, said the Chinese company would build two towers at the port city. They would be the city’s first high-rise buildings.

Other sub-projects in the offing include 100ha of streets and parks.

In May 2021, the Sri Lankan parliament approved a bill to establish the Colombo Port City Special Economic Zone and Economic Commission. Under this law, companies are exempt from all forms of taxation and duties for 40 years.