Sri Lanka, June 24 -- Having already attracted approximately US$ 1.4 billion in foreign development capital, the Colombo Port City is expected to attract a further US$ 12 billion in development capital to reach its full potential.

The project is expected to contribute US$ 24 billion to the GDP of Sri Lanka during its development phase and approximately US$13 billion on an annual basis when fully operational, Revan Wickramasuriya, Director General, Colombo Port City Commission told the Belgolux Economic Forum held recently in Colombo.

He said the European Union is the world's largest and most sophisticated economic bloc and the presence of European businesses representing 27 member states, a population of over 450 million people and an e...