- Parliament passes bill establishing Special Economic Zone to enhance ease of 
doing business

    The newly reclaimed land of 269 hectares in the heart of the Colombo 
Business District in Sri Lanka has been identified as a Special Economic Zone 
(SEZ) by the Sri Lankan Parliament, paving the way for the creation of an 
International Business and Multi Services hub for South Asia called the Port 
City Colombo. The Colombo Port City Economic Commission Bill sets a stable 
policy environment and an efficient framework of administrative processes. The 
bill significantly enhances ease of doing business through a single window 
facilitation, streamlined arbitration mechanism and globally benchmarked 
incentives. 

    Slated as the 'Gateway to South Asia', the project is a Public Private 
Partnership between the Government of Sri Lanka and project company CHEC Port 
City Colombo. Port City Colombo is situated alongside the Port of Colombo, 
which is ranked as the World's 18th best connected Port, and is designed to 
strike a virtuous balance between commercial, residential and retail spaces. 

    The Colombo International Financial Centre Phase 1, which is the first 
vertical development, is scheduled to break ground in June 2021 and will 
comprise of state-of-the-art business infrastructure with a commitment to 
International Green Building Standards. All registered entities can enjoy 100% 
foreign ownership with the opportunity to benefit from relaxed exchange control 
regulations within the zone. 

    Yamuna Jayaratne, Director Sales and Marketing for Port City Colombo, said, 
"Port City will enjoy a cost advantage of nearly 80% compared with regional 
hubs such as Singapore and Dubai. The enactment of the Colombo Port City 
Economic Commission Bill will serve to enhance the ease of doing business and 
bring it to parity along with regional hubs and most importantly address 
investor pain points that currently dissuades FDI. Coupled with cost 
advantages, geographic location and the quality of life on offer in Sri Lanka, 
this would serve as a first step in creating a compelling value proposition for 
investors. Port City Colombo provides an enviable physical setting required to 
compete with any world class modern metropolitan city."

    CHEC Colombo Port City invites investors from around the world to invest 
early, gaining a foothold in South Asia's city of the future. More information 
about the project can be found at https://www.portcitycolombo.lk/ 

    For further information, contact:
    Yamuna Jayaratne 
    Number: +94-112-335-141 
    Email ID: yamunaj@chec.lk 

    Photo: https://mma.prnewswire.com/media/1520131/Port_City_Colombo.jpg 

    Source: Port City Colombo