Press briefing of Cabinet Decision taken on 2021-01-04

Proposed Colombo Port City Commission Law

- Attention has been drawn on converting the Colombo Port City a Special Economic Zone with a wider scope and a Regional Centre of Excellence focusing on the service economy serving the Indian sub-continent and South-East Asia in line with the “Vistas of Prosperity and Splendour” the policy statement of the present Government. For this purpose, it has been found necessary to create an active environment that can compete with the investment hubs such as Dubai, Singapore, and Hong Kong by attracting investors, entrepreneurs, innovators, companies, financial institutions through a well-structured and competitive legal, tax and regulatory, and dispute resolution regime. Accordingly, the proposal made by H.E. the President to instruct the Legal Draftsman to draft legislation for the Colombo Port City Commission Law to be on par with the structure expected by the government so as to attract international investors and with the national requirement, was approved by the Cabinet.