Project company

Parliament adopts the bill on the port city; Project Company invites investors to explore opportunities – Lanka Business Online

CHEC Port City Colombo, the project company, invites local and foreign investors to explore the unique investment opportunities now available in Port City Colombo.

The port city of Colombo now officially becomes the country’s first service-oriented Special Economic Zone (SEZ). The Sri Lankan Parliament today adopted the Port City Economic Commission Bill with amendments.

Full declaration

Port City Colombo, Sri Lanka’s newest reclaimed land, dubbed the “Gateway to South Asia,” now officially becomes the country’s first service-oriented Special Economic Zone (SEZ).

The Sri Lankan Parliament today (20th) passed a powerful bill allowing Port City of Colombo to take a giant leap towards becoming a global finance and services hub for South Asia. The law provides a stable political environment; supported by efficient administrative processes coupled with globally competitive incentives.

CHEC Port City Colombo, the general manager of the project company, 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 progressive political environment and ease of doing business necessary to ensure that Port City Colombo is truly the envisioned catalyst to stimulate much needed FDI and promote export of services. The Project Company invites local and overseas investors to connect with the company’s marketing team and explore the unique investment opportunities now available in Port City Colombo and be part of the city of the future in South Asia.

Under the new law, the port city of Colombo will be an international, multi-service special economic zone with operations in any recognized foreign currency. Experts say Port City Colombo SEZ will bridge the gap between Dubai and Singapore, to become the most desirable hub with modern infrastructure in place. Late last year, CHEC and Browns Investment of Sri Lanka signed a billion dollar joint venture for Port City Colombo’s first vertical development project – the Colombo International Financial Center (CIFC).

In a discussion with Ms. Yamuna Jayaratne, Director of Sales and Marketing for Port City Colombo; she states that “Sri Lanka already enjoys a 70-80% cost of doing business advantage over established and mature service hubs such as Hong Kong and Dubai. The enactment of the Colombo Port City Economic Commission Bill will serve to further strengthen this cost advantage; but above all serve to solve investor problems such as efficient and rapid resolution of disputes and administrative efficiency in terms of approvals, etc. This has improved the ease of doing business; Coupled with cost advantages, location and quality of life offered in Sri Lanka would be a first step in creating a compelling value proposition for investors. State-of-the-art, future-ready infrastructure built on sustainable principles in the port city of Colombo, surrounded by the natural beauty 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 FDI in the country. “

In addition to the enactment of the SEZ law, Port City Colombo has launched its “Loku Ratak” awareness campaign locally and is also planning its global launch campaign within the year. However, plans remain fluid due to the global COVID pandemic.

About the port city of Colombo

Port City Colombo is a brand new urban development built as an extension of the existing Colombo CBD, with an initial investment of $ 1.4 billion and a planned overall investment of $ 15 billion when completed. All of the land reclaimed from the 269 hectare port city of Colombo is owned by the Government of Sri Lanka (GoSL). 91 hectares of land are dedicated to common facilities such as parks, shaded green roads, etc .; while 178 Ha are planned for state-of-the-art developments constituting an A-grade office, retail destinations, unique residential developments as well as medical facilities, educational institutions, integrated resort, luxury marina, hotels and other lifestyle developments.

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