CHEC Port City Colombo, the Project Company, invited local and foreign investors to explore investment opportunities now available at Port City Colombo following the passage of the Port City Economic Commission Bill with amendments in Sri Lanka Parliament yesterday.<\/p>\n\n\n\n
Issuing a statement, the project company said the Port City Colombo, Sri Lanka\u2019s brand-new reclaimed land, slated as the \u201cGateway to South Asia\u201d, now officially becomes the country\u2019s first service oriented Special Economic Zone (SEZ).<\/p>\n\n\n\n
Following is the statement:<\/p>\n\n\n\n
The Sri Lankan Parliament, yesterday (20th), adopted a powerful Bill enabling a giant step in Port City Colombo becoming a pivotal global financial and services hub for South Asia. The act provides a stable policy environment; backed by efficient administrative processes coupled with globally competitive incentives.<\/p>\n\n\n\n
CHEC Port City Colombo, the project company\u2019s Managing Director Mr. Jiang Houliang welcomes the timely and strategic decision taken by the Sri Lankan Government in enacting the Colombo Port City Economic Commission Bill. The project company has 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. The Project Company, invites local and foreign investors to connect with the company\u2019s marketing team and explore the unique investment opportunities now available at Port City Colombo and to be a part of South Asia\u2019s city of the future.<\/p>\n\n\n\n
As per the new law, Port City Colombo will be an international business and multi-services Special Economic Zone with operations in any recognized foreign currency. Experts say that Port City Colombo SEZ will fill the gap between Dubai and Singapore, to be the most sought-after hub with modern infrastructure in place. Late last year, CHEC and Sri Lanka\u2019s Browns Investment signed a $1 billion joint venture for Port City Colombo\u2019s first vertical development project \u2013 the Colombo International Financial Centre (CIFC).<\/p>\n\n\n\n
In a discussion with Ms. Yamuna Jayaratne, Director Sales and Marketing for Port City Colombo; she states that \u201cSri Lanka already enjoys a 70 to 80 % 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 administrative efficiency in terms of approvals etc. This improved ease of doing business; coupled with cost advantages, geographic location and the quality of life on offer in Sri Lanka would serve as a first step in creating a compelling value proposition for investors. The state of art future ready infrastructure built on sustainable principles within Port City Colombo surrounded by the natural beauty that Sri Lanka has to offer provides an enviable physical setting required to compete with any world class modern metropolitan city. Therefore, we are very confident that Port City Colombo will be a catalyst for FDIs into the country.\u201d<\/p>\n\n\n\n
On the sideline to the SEZ law enactment, Port City Colombo launched its awareness campaign \u2018Loku Ratak\u2019 locally and is also planning its global launch campaign within the year. However, plans remain fluid due to the global COVID pandemic.<\/p>\n\n\n\n
About Port City Colombo<\/p>\n\n\n\n
Port City Colombo is a brand-new city development built as an extension of the existing Colombo CBD, with an initial investment of $ 1.4 billion and an expected $ 15 billion overall investment when completed. Port City Colombo\u2019s entire reclaimed land of 269 hectares is owned by the Government of Sri Lanka (GoSL). 91 hectares of land is dedicated for common amenities such as parks, green shaded roads etc.; while 178 Ha are slated for state 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.<\/p>\n\n\n\n
Courtesy: Colombo Page<\/p>\n","protected":false},"excerpt":{"rendered":"
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