Cabinet approves tabling Port City Economic Commission order in Parliament

The Cabinet of Ministers on Monday approved presenting the order published under section 53 of the Colombo City Economic Commission No. 11 of 2021, as stated in the extraordinary gazette No. 2383/34 dated 9 May 2024 in Parliament for approval.

On 29 April 2024, the Cabinet decided to nominate China Harbour Engineering Company (Lanka) Ltd., as a secondary enterprise with strategic importance. This designation was formalised through a Government gazette.

The decision underscores the significant role of China Harbour Engineering Company (Lanka), in the economic landscape of Colombo. 

The strategic importance designation is anticipated to facilitate smoother operations and potentially provide certain privileges or considerations under the Colombo City Economic Commission framework, fostering a more conducive environment for large-scale investment and development initiatives.

The designation as a secondary enterprise with strategic importance aligns with the Government’s ongoing efforts to boost investment and development within the region.

President Ranil Wickremesinghe, in his capacity as the Investment Promotion, presented the proposal to the Cabinet, which subsequently received approval.