Asiri Port City Hospital and TIQRI venture get key incentives for $ 200 m worth investments at Port City

Wednesday, 3 January 2024 00:40 - - {{hitsCtrl.values.hits}}

$ 100 m Asiri Port City Hospital recognised as a primary business, $ 100 m TIQRI information technology venture recognised as a secondary business at Port City Colombo

By Charumini de Silva

The Government has approved crucial exemptions and incentives for two major projects within the Colombo Port City with each project worth $ 100 million.

The two projects include; Asiri Port City Hospital recognised and the TIQRI information technology venture. Asiri Port City Hospital is recognised as a primary business of strategic importance whilst the TIQRI business is declared strategic significance as a secondary business in the Colombo Port City.

The Cabinet nod paves the way for the next steps in the project progression: issuance of a gazette notification formally recognising the two projects, followed by the tabling of the said order in the Parliament. Under the provisions of 2(b) of the Colombo Port City (Guidelines on the Grant of Exemptions or Incentives to Businesses of Strategic Importance) Regulations, No. 2 of 2023, the project qualifies for exemptions and incentives, signalling a commitment to bolstering businesses deemed strategically crucial for the region. Previously, the two investment proposals initiated by the Asiri Port City Hospital and TIQRI Software Ltd., garnered approval as a primary and secondary business of strategic importance respectively.

“These are two important and special investment projects,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing held yesterday.

He said investments earmarked for the hospital and the IT business underscore the financial commitment and the strategic significance attached to advancing infrastructure in Colombo Port City.

As the project moves through the regulatory channels, he said the investments will have a positive ripple effect on the local economy and healthcare landscape.

The proposals to this effect presented by President Ranil Wickremesinghe in his capacity as the Investment Promotion Minister were approved by the Cabinet of Ministers at its meeting on Monday.