Cabinet nod to designate China Harbour Engineering as secondary business in Port City

Thursday, 2 May 2024 03:11 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers approved designating China Harbour Engineering (Lanka) Ltd., as Secondary Businesses of Strategic Importance under the Colombo Port City Economic Commission Act.

The decision aims to provide exemption or incentives to the designated firm from the Schedule II of the aforementioned Act.

Additionally, the Cabinet has approved the publication of orders for the same through gazette notifications.

“The decision signifies a significant step towards boosting economic activities within the Port City,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said on Tuesday at the post-Cabinet meeting media briefing.

The company’s involvement in urban facilities monitoring-related businesses is poised to generate employment opportunities, promote sustainable development and contribute to community settlement initiatives.

The proposal, submitted by President Ranil Wickremesinghe in his capacity as the Investment Promotion Minister, received approval from the Cabinet of Ministers.