Project company

Project Company welcomes Cabinet approval to establish SEZ in Port City – Lanka Business Online

The approval was given during the Council of Ministers of 04e January 2021 to establish the Special Economic Zone of the Port City of Colombo, which will be an international business and service hub with specialized infrastructure. The port city investment company, CHEC Port City Colombo (Pvt) Ltd. welcomes the government’s decision and hopes that this initiative will attract more foreign direct investment to Sri Lanka.

“The Colombo Port City Economic Commission Bill” would constitute the framework law that would be applicable in the port city and the Council of Ministers approved the proposal made by HE President Gotabaya Rajapaksa to take the necessary measures to publish the relevant draft law in the official gazette and submit it to parliament shortly. The special economic zone of the port city of Colombo is expected to create an enabling and competitive environment to attract foreign direct investment (FDI).

Urban development through SEZs is not unique to Sri Lanka and there are many successful SEZs around the world. A SEZ will provide relief from various forms of taxation to qualifying businesses and individuals. They also offer superior infrastructure; have streamlined administrative processes in place that make it easier to do business. SEZs have been a useful tool for developing countries to modernize infrastructure, human capital and institutional frameworks and test policies and their impact before they are selectively implemented outside the SEZ in the area. rest of the country.

Establishing a well-positioned SEZ will benefit the nation by; upgrading resources and capacities where policymakers can overcome bottlenecks in resource mobility and mitigate the costs of a larger scale implementation or upgrade overall from the country. A successful SEZ sends an important signal that the country is open for business.

The enabling environment that should be created by the “Colombo Port City Economic Commission Bill” is supported by the first global infrastructure made available in the 269 ha of land reclaimed at the port city and is expected to result in a influx of both financial and human capital. and promote local and foreign entrepreneurs, create employment opportunities and enable talent retention. The SEZ is expected to attract multinational companies to establish headquarters or regional offices in Port City and in turn bring financial resources, technology, technical know-how and expertise. management.

We hope that the creation of an SEZ will accelerate the economic growth of Sri Lanka. A master plan for the port city calls for 5.7 million square meters of built-up area worth $ 15 billion that will house multinational companies, headquarters, transient workers and residents. It will be the catalyst for a modern service hub that will help Sri Lanka transform into a service-oriented growth model and elevate the economy to high-income country status.

Source link

Leave a Reply

Your email address will not be published.