13 new strategic businesses at Colombo Port City get Cabinet nod

The Cabinet of Ministers on Tuesday approved designating 13 businesses as strategically important under the Colombo Port City Economic Commission Act No. 11 of 2021. 

This designation grants these businesses proposed exemptions and incentives as specified under Schedule II of the Act.

The businesses granted this strategic status include; Horizon Group USA Global LLC, Satguru Travel and Tourism LLC, Pagero Lanka Software Engineering Ltd., KPMG Professional Services Ltd., Hexaware Technologies SL Ltd., Creative Software Ltd., Remediumone Global Ltd., GTN Group Holding Ltd., IPD Colombo Ltd., Bistec Solutions Ltd., Port City Duty Free Ltd., China Duty Free (Lanka) Ltd., and ODF Pte Ltd.

These designations aim to attract and retain high-value investments in the Colombo Port City, enhancing its appeal as a global business and investment hub. 

The proposal presented by President Ranil Wickremesinghe in his capacity as the Investment Promotions Minister was approved by the Cabinet of Ministers.

The exemptions and incentives will be detailed in rules to be published through Government Gazette Notifications, providing clarity on the benefits these businesses will receive.