The visually appealing Colombo city skyline has experienced dramatic change in the past few years, surrounded by iconic skyscrapers, high-rise residential condominiums and construction cranes hovering in different parts of the city. These new infrastructure projects are real signs of Sri Lanka transforming from lower middle-income status to higher middle-income status. According to World Bank data the Gross Domestic Product(GDP) per capita in Sri Lanka was recorded at $ 4,102 US dollars in 2018. Furthermore, it is predicted that the Colombo city will certainly replicate cities like Hong Kong and Dubai in the years to come (Business Insider India).
Many of these changes took place almost incrementally in the years just after the war. When the long, drawn-out civil war ended in Sri Lanka, overseas firms were considering investing in the island nation. Easy access to the domestic market and the strategic location are prime reasons to consider when investing in the island nation. Moreover, this small nation striding on a new development trajectory the Sri Lankan authorities implemented Spatial Development Policies for effective urban management of the fast-growing middle class populations. An important change in the governance of urban space happened in 2009, by bringing the Urban Development Authority under the Ministry of Defence(MoD).
Under the Ministry of Defence (MoD) and Urban Development an efficient beautification Master Plan was introduced to the largest metropolitan areas across the country. To make the city life more sustainable, the “Urban Vision†plan envisages the development of green spaces, urban wetlands, paved walking tracks, modern markets, restoration of old historic buildings, gentrifying old neighbourhoods and constructing high rise apartments for low income families. Within five years, after these projects were implemented, the city went from being a fairly risky city in the region to being a lively town filled with tourists enjoying the peace dividends. According to the World Economic Forum, reports the Master Card International, named Colombo as the fastest growing city for international visitors from 2009 to 2015 (The World Economic Forum, 2015).
New Urban Vision of Colombo City
With the dawn of the peace and normalcy in Sri Lanka, Colombo saw the construction of a state of the art Port city. The 230 hectares reclaimed land is adjacent to the Colombo South harbour. This newly reclaimed city space expects an entire investment of 15 billion US dollars. In fact, the port city created rewarding opportunities for commercial property investors. Nevertheless, with this new development, Colombo city saw exponential land price appreciation, record number of office spaces rented and higher demand for more luxurious neighbourhoods.
These opportunities paved the way for a favourable environment for foreign businessmen to invest. To name a few of the world's biggest luxury hotel brands, real estate agents, such as Shangri-La's, Hyatt, Mövenpick Hotel, Marriott Resort, ITC India and TATA constructions invested heavily in downtown high-rise constructions projects. Additionally, global cinema chains and Malls such as Singapore’s Mustafa Centre capitalised on mixed development projects, and PVR entered into the island nations market with nine-screen premium luxury arrangements. Another important point on the urban renewal front was the revitalisation of public spaces, including heritage sites in the city. Future under the urban renewal removal slums and modernising created a strong environment for investments and for strengthening the national tourism policy. However, Colombo was never a cheap city to live in, and was much more costly than rest of Sri Lanka one could say, the World Trade Center, Twin towers, the 350-metre-tall Lotus Tower, 68 floor vertical Altair tower and the One Galle Face towers looking over the city are vital urban infrastructure ventures that boost real estate markets in the city .
New Expressways
In recent years Sri Lanka’s road infrastructure has been developing faster than expected. The urban and regional transport infrastructure is comparatively superior; hence it is the backbone of the nations road connectivity network. During the post conflict period, the nation launched several high way projects to bolster the transport system. Having doubled in length in recent years; multi-lane expressways now connect several cities and villages with more constructions. The 222-kilometre-long E class Southern Expressway linking main ports and airports and other high-speed expressways connecting Colombo with the rest of the country are important developmental milestones achieved during past decade.
New Ports and Airports
Given the strategic positioning of Hambantota at the Southern tip of the country, a port development was initiated in 2008. Compared to the other ports in the region it has the geographic advantage of being strategically located nearest to the world’s busiest shipping lane. To ease the congestion in Colombo port, the first phase of the Ruhunu Magampura port was inaugurated in 2010. Also, this port has the benefit of the vast area of land vacant in the Hambantota District for its development and has the potential to develop as the most favoured International business hub. With the aim of creating an energy hub surrounding the port of Hambantota, the LAUGFS LPG Transshipment Terminal, the largest of its kind in South Asia was commenced in May 2019. Additionally, to enhance the lucrative investment opportunities in the Southern city, Sri Lanka built its second International Airport in the district.
Water Resource Development
In order to accomplish greater levels of food, livelihood and water security, past governments have fulfilled visionary multipurpose projects over the years to divert untapped water resources to the dry zone. The island nation is also blessed with over 100 rivers and over 12,000 reservoirs that provide water for irrigation, drinking and commercial purposes. Mahaweli Development Project (MDP) is considered Sri Lanka’s largest multipurpose national development programs. Therefore, the main objective of this massive program was the generation of hydroelectricity, provision of water for dry zone cultivation to increase agricultural production, and more recently, the Mahaweli Water Security Investment Program (MWSIP) was initiated to complete outstanding irrigation channel investments of the Mahaweli Development Project (MDP).This was to upgrade irrigation infrastructure capacities and divert untapped water from the Mahaweli River to the northern dry zone region for the provision of water for irrigation, drinking and commercial purposes. One of the major reservoirs completed in 2015 is the Moragahakanda dam under the Moragahakanda-Kalu Ganga development project.
Conclusion
Sri Lanka has made massive headways in infrastructural development in the recent years that has initiated a sequence of financial booms. This small nation in the Indian ocean has continued to play an instrumental role in Asia and has made momentous improvements on national, regional and international fronts.
Pic courtesy- Jalitha Hewage at unsplash.com
(Srimal Fernando is a Doctoral Fellow at Jindal School of International Affairs (JSIA), India and Advisor / Global Editor of Diplomatic Society for South Africa. He is the winner of the 2018/2019 ‘Best Journalist of the Year’ award in South Africa, and has been the recipient of GCA Media Award for 2016. In the field of politics, and Policy affairs, Fernando is a specialist, with over ten years of first hand experience in Sri Lanka and the Maldives. )
