Colombo Port City Economic Commission’s semi-annual progress report for July-Dec 2022

The Colombo Port City Economic Commission (the Commission), the Single Window Investment Facilitator authorised to assist investors, businesses, and residents in conducting their activities seamlessly and efficiently in Port City Colombo, this week released its semi-annual progress report for July to December 2022, it said in an announcement.

Banking – The Minister of Finance issued licences under the Colombo Port City Economic Commission Act to four banks during the first half of 2022. The Commission has since received requests from three more banks during 2022.

Additionally, 10 Financial and Banking Regulations were also drafted under Sections 44 and Sections 45 of the Colombo Port City Economic Commission Act No. 11 of 2021 and are awaiting review with the Monetary Board of Sri Lanka. Social Infrastructure – In addition to an internationally-reputed hospital and school, the Commission has identified the need for a world-class university within Port City Colombo and modified the Master Plan accordingly.

Commercial Infrastructure – With the retail mall infrastructure complete, the commencement of the interior work has begun. The mall will showcase premium merchandise, with an array of cuisine options and entertainment, and is set to commence operations by Q2 of 2023.

Immigration and Visa Arrangements – In collaboration with the Department of Immigration and Emigration, the Commission has introduced three new visa categories for Port City Colombo.

These 3 visa categories are - the Investor visa for 10 years, the Employment visa for up to five years, and the Resident visa for five years. Port City Colombo visas allow supplementary benefits, such as visas for the spouse, kids, and other support staff members, which can be obtained under the primary visa applicant.

Master Plan Implementation – A planning committee consisting of key stakeholders was created to expedite the approval of building plans submitted under the Development Control Regulations (DCRs) for each plot of the Port City Colombo SEZ.

The DCRs provide a clear framework for the development of buildings, land use, green spaces, utility networks, and sustainability measures, among other factors.

Preliminary designs for the Marina Development and Villa Project have been submitted by two investors, with several more plots in the final stages of discussion for lease.