Port City Colombo to become a gateway to South Asia
AsiaNet 89774
COLOMBO, Sri Lanka, May 27, 2021 /PRNewswire=KYODO JBN/ --
- 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
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