Press briefing of Cabinet Decision taken on 2024-03-25 (Subject to Confirmation at the next Meeting)

Designate CODEGEN INNOVATIONS (PRIVATE) LIMITED as a Secondary Business of Strategic Importance

- CODEGEN INNOVATIONS (PRIVATE) LIMITED is a company registered in Sri Lanka as a division of the CodeGen Group which specialises in technology solutions encompassing software, data science, design and hardware. The Company has been approved as an authorized person by the Colombo Port City Economic Commission and the said Company has made a request to designate it as a Secondary Business of Strategic Importance. The Company has planned to make an initial investment of USD 500,000 and generate approximately USD 15 million within a period of 05 years and create approximately 400 job opportunities during that period. Therefore, as per the provisions of the Colombo Port City (Guidelines on the Grant of Exemptions or Incentives to Businesses of Strategic Importance) Regulations, No.02 of 2023, the said Company is eligible to be granted exemptions or incentives. Accordingly, the proposal made by the Hon. President in his capacity as the Minister of Investment Promotion for granting exemptions or incentives to CODEGEN INNOVATIONS (PRIVATE) LIMITED as per the provisions of the Colombo Port City Economic Commission Act and publish an Order for the same, in the Government Gazette, was approved by the Cabinet.