Press briefing of Cabinet Decision taken on 2023-05-22

Granting exemptions and incentives in relation to Businesses of Strategic Importance under the Colombo Port City Economic Commission Act, No.11 of 2021

- The Colombo Port City was established as a Special Economic Zone by the Colombo Port City Economic Commission Act, No.11 of 2021. In order to achieve the objectives of modernizing Sri Lanka, creating economic stability and transforming the country into a leader in the export of services, it has been identified the necessity of developing the Port City of Colombo to create a business enabling environment that is internationally competitive. According to the provisions of the Act, the Commission in consultation with the President or the Minister in‑charge of the Colombo Port City may identify the businesses designated as Businesses of Strategic Importance and recommend the granting of exemptions or incentives for the same. Two categories have been identified as Primary Businesses of Strategic Importance and Secondary Businesses of Strategic Importance for granting the relevant exemptions and incentives. Accordingly, the proposal made by the Hon. President in his capacity as the Minister of Investment Promotion to grant the said exemptions and incentives, was approved by the Cabinet.