Parliament passes bill establishing Special Economic Zone to enhance ease of doing business
COLOMBO, Sri Lanka, May 28, 2021 /PRNewswire/ — 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/
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