More Secondary Businesses in Port City get Cabinet nod

Wednesday, 10 April 2024 02:42 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers approved designating several companies as Secondary Businesses of Strategic Importance under the Colombo Port City Economic Commission Act.

The decision aims to provide exemption or incentives to the designated companies from specific Acts outlined in Schedule II of the aforementioned Act.

Additionally, the Cabinet has authorised the publication of orders for the same through gazette notifications.

The companies approved for designation include;

Port City - To carry out business as a service provider of Outsourcing of business processes for the overseas entertainment industry

Iviva Pte – For running a business as an Information Technology service provider that creates products and solutions powered by Smart City Information Technology to support the various tasks of global clients in transitioning to a low carbon economy

Echelon Trade - Running a trading business in textiles, apparel, luxury watches, gold and gems, electrical appliances and cosmetics across multiple global markets

99x Technology As - To run a service providing business to global independent software businesses for crafting digital solutions for real user issues by production, engineering and innovation as well as website development, and by improving mobile applications.

“By providing exemption or incentives from specific regulatory Acts, the Government aims to create a conducive environment for these businesses to thrive and contribute to the development of key sectors such as information technology, trade, and outsourcing services,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said.