Cabinet approves tabling of several Port City Economic Commission orders in Parliament

Wednesday, 3 July 2024 00:26 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers on Monday approved the tabling of several orders issued under Section 53 of the Port City Economic Commission Act No. 11 of 2021 in Parliament for approval.

The orders published in the Extraordinary Gazettes include: Gazette No. 2378/35 dated 05.04.2024; Gazette No. 2380/36 dated 19.04.2024; Gazette No. 2380/33 dated 19.04.2024; Gazette No. 2380/35 dated 19.04.2024 and Gazette No. 2380/34 dated 19.04.2024.

In line with the Cabinet decisions made on 25 March 2024, and 8 April 2024, several businesses have been designated as secondary businesses of strategic importance.

These businesses include; Codegen Innovation Ltd., Port City BPO Ltd., IVIVA Ltd., Echelon Trade and 99X Technology AS. The proposed exemptions or incentives for these businesses have been published in the Gazettes.

The approval and subsequent tabling of these orders in Parliament will provide a clear legislative framework for the designated businesses, enabling them to benefit from specific exemptions and incentives designed to promote investment and economic activity within Port City.

The proposal to table these orders in Parliament was presented by President Ranil Wickremesinghe in his capacity as the Investment Promotion Minister and received Cabinet approval.

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