Govt. finally decides to extend incentives for Colombo Port City

Wednesday, 24 May 2023 00:24 - - {{hitsCtrl.values.hits}}

Cabinet Co-Spokesman and Minister Bandula Gunawardena

By Charumini de Silva

The Government has finally decided to extend incentives and exemptions for investment in the reclaimed Colombo Port City to lure more foreign investors.

Cabinet Co-Spokesman and Minister Bandula Gunawardena said the exemptions and incentives will be granted to businesses of strategic importance under the Colombo Port City Economic Commission Act No. 11 of 2021.

“It has been observed the necessity to promote Colombo Port City to set up an environment that enables internationally competitive business operations with the objectives of modernising and providing economic stabilisation in Sri Lanka. Thereby paving the way to make the country the leader of service exports,” he said at the post-Cabinet meeting media briefing yesterday.

He said that as per the provisions of the Act, the Commission may identify firms classified as strategic value and request the President or the respective Minister to the Colombo Port City subject to recommend exemptions or incentives.

“Investments will be categorised as those with primary and secondary strategic importance while granting relevant exemptions or incentives,” Gunawardena added.

Colombo Port City has been established as a Special Economic Zone by the Colombo Port City Economic Commission Act No. 11 of 2021.

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

Port City Colombo envisions itself as the most liveable city in South Asia imbuing technology and sustainability with its Smart City concept to enhance living convenience.

As the Platinum Sponsor of the event, the project company showcases the potential of Port City Colombo as a special economic zone and a future investment hub to representatives from Governments, thought leaders, experts and corporates from diverse industry sectors, who have converged at the World Cities Summit to inspire conversations about the future and forge new partnerships.

Port City is slated to draw a fresh $ 1.3 billion when it breaks ground on the CIFC Phase One, three towers, the Villa plot and the Marina hotel in the third quarter of 2023.

Prior to this, China Harbour Engineering Corporation (CHEC) had invested $ 1.4 billion in developing the CPC to what it is now.

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