Port City welcomes investments from across the world

Hours after the Colombo Port City Special Economic Commission Bill was passed in Parliament on Thursday, the project company welcomed investments from across the world saying the Port City is now in business.

In a statement, CHEC Port City Colombo, the project company’s Managing Director Jiang Houliang said that Sri Lanka’s brand- new reclaimed land, slated as the “Gateway to South Asia”, now officially becomes the country’s first service- oriented Special Economic Zone (SEZ).

It said the new ACT provides a stable policy environment; backed by efficient administrative processes coupled with globally competitive incentives.

Mr. Houliang welcomed the “timely and strategic decision taken by the Sri Lankan Government” in enacting the Colombo Port City Economic Commission Bill.

The project company had expressed confidence in the said bill and believes that its enactment will provide the required progressive policy environment and ease of doing business to ensure Port City Colombo will truly be the envisaged catalyst in driving much needed FDIs and promoting export of services.

As per the new law, Port City Colombo will be an international business and multi- services Special Economic Zone with operations in any recognised foreign currency. Experts say that Port City Colombo SEZ will fill the gap between Dubai and Singapore, to be the most soughtafter hub with modern infrastructure in place. Late last year, CHEC and Sri Lanka’s Browns Investment signed a $ 1 billion joint venture for Port City Colombo’s first vertical development project - the Colombo International Financial Centre (CIFC).

Ms. Yamuna Jayaratne, Director Sales and Marketing for Port City Colombo, said that, “Sri Lanka already enjoys a 70 to 80 percent advantage in the cost of doing business in comparison with established and mature services hubs such as Hong Kong and Dubai. The enactment of the Colombo Port City Economic Commission Bill will serve to further enhance this cost advantage; but more importantly serve to address investor pain points such as efficient and timely dispute resolution and administrat ive efficiency in terms of approvals etc.”

On the sideline to the SEZ law enactment, Port City Colombo launched its awareness campaign ‘ Loku Ratak’ locally and is also planning its global launch campaign within the year. However, plans remain fluid due to the global COVID19 pandemic.

The Port City Colombo is a brandnew city development with an initial investment of $ 1.4 billion and an expected $ 15 billion overall investment when completed. Port City Colombo’s entire reclaimed land of 269 hectares is owned by the Government of Sri Lanka. 91 hectares of land is dedicated for common amenities such as parks, green shaded roads etc.; while 178 Ha are slated for state of the art developments constituting A Grade office, retail destinations, unique residential developments as well as medical facilities, educational facilities, an integrated resort, a luxury marina, hotels and other lifestyle developments.