Port City Colombo October 2020

The Department of Government Information said, Sri Lanka’s Cabinet of Ministers on Monday (4 January) has approved the proposal to draft ‘Colombo Port City Commission Bill’ in accordance with the structure desired by the Government to meet national requirements and to attract foreign investments. The proposal has been tabled by President Gotabaya Rajapaksa.

The government said the attention has now been focused on making the Colombo Port City, which is presently under construction, a Specialized Economic Center with a wide scope of service to the Indian subcontinent and Southeast Asia, and a regional hub aimed at a service economy in line with “Vistas of prosperity and Splendour”, the current Government Policy Statement.

“For this purpose, it was deemed necessary to create an active environment that can compete with investment hubs such as Dubai, Singapore, and Hong Kong, by attracting investors, entrepreneurs, innovators, companies, financial institutions through a well-structured and competitive legal, tax and regulatory, and dispute resolution mechanism”.