Port City Colombo announced that it has been designated 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.
“The Colombo Port City Economic Commission Bill sets a stable policy environment and an efficient framework of administrative processes,” said Port City Colombo in a statement. “The bill significantly enhances ease of doing business through a single window facilitation, streamlined arbitration mechanism and globally benchmarked incentives.”
Dubbed the 'Gateway to South Asia', Port City Colombo covers 269 ha of reclaimed land in the heart of Colombo business district. It is a public private partnership between the Government of Sri Lanka and project company CHEC Port City Colombo.
The project is situated alongside the Port of Colombo, featuring commercial, residential and retail developments. The Colombo International Financial Centre Phase 1, which is the first vertical development, is scheduled to break ground in June 2021 and will comprise state-of-the-art business infrastructure with a commitment to international green building standards.
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 said it is inviting investors from around the world to invest early, “gaining a foothold in South Asia's city of the future.”
Image: Port City Colombo