CODEGEN Innovations ventures into Colombo Port City

Wednesday, 27 March 2024 03:03 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers approved providing exemptions or incentives to CODEGEN Innovations under the provisions of the Colombo Port City Economic Commission Act and to gazette it as a means of formalise the directive.

Cabinet Co-Spokesman and Minister Bandula Gunawardena said the decision is expected to boost the attractiveness of the Colombo Port City as a hub for investment and technological innovation, contributing to economic growth and job creation in Sri Lanka.

Based on the proposal, CODEGEN Innovations plans to invest USD 500,000, aiming to generate around USD 15 million in revenue within five years. The company also aims to create around 400 job opportunities during this period.

CODEGEN Innovations a division of the CODEGEN Group registered in Sri Lanka, specialises in providing technology solutions including software, data science, design and hardware. Having secured approval from the Colombo Port City Economic Commission, the company has applied for designation as a secondary business of strategic importance.

The company’s eligibility for exemptions or incentives is in accordance with the directives outlined in the Colombo Port City (Guidelines on the Grant of Exemptions or Incentives to Businesses of Strategic Importance) Regulations, No. 2 of 2023.