In parallel to construction of Magam Ruhunupura Mahinda Rajapaksa Port (MRMR Port) in Hambantota, Sri Lanka Ports Authority (SLPA) received investment proposals from prospective local and foreign investors to establish businesses within the port premises.
Out of the 27 proposals received, the Cabinet of Ministers has approved 7 investment proposals, subsequent to the recommendations by Cabinet Appointed Negotiating Committee with the assistance of Technical Evaluation Committee. These proposals include proposals for setting up sugar refinery plant; cement grinding/ bagging plant, fertilizer plant, petro-chemical plant and warehouses.
Following the success of Magam Ruhunupura Mahinda Rajapaksa Port, implemented in the course of making Sri Lanka the future maritime hub in the region according to ‘Mahinda Chinthana’ policy document of His Excellency the President Mahinda Rajapaksa, several more foreign investments will also be granted approval to initiate industries at the port premises in the near future.
This Business venture agreement is signed for a term of 25 years and the expected total investment of this Business Venture is US $ 220 M.
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Press Release, November 9, 2012