A steering committee is to be appointed to coordinate and expedite all aspects of the project.
Identification of land is in the final stages and dedicated joint office to coordinate the activities was opened in the Magam Ruhunupura International Convention Centre last month.
The project will be executed as a public private partnership with the China Harbour Engineering Corporation and the Board of Investment. BoI will act as the counterparty until Ruhunu Economic Development Corporation is established.
Several Chinese investors have stepped in to invest US$ 5 billion in the Hambantota Industrial Zone in the next few years and 55 of them have already committed to invest in the phase one zone.
Some 1,235 acres have been allocated from this zone in Hambantota for Chinese investments to set up industrial ventures. Areas where there are no human settlements will be used for the Industrial Zone.