Colombo Port City is a Sri Lanka China joint venture which sits on 269 hectares of reclaimed land which is now officially designated as a part of Sri Lanka. 116 hectares out of the total belongs to the China Communications Construction Company (CCCC) on a 99 year lease while the remained portion belongs to the Sri Lankan Government.
With the approval to draft the bill being granted in January upon its completion by the legal draftsman President Gotabaya Rajapaksa presented the completed Colombo Port City Economic Commission Bill to cabinet. Cabinet has approved the legislation and once it is gazetted and passed in Parliament, it will result in the creation of an Economic Commission for the $ 1.4 billion project.
The main purpose of this legislation is to enable Port City to attract more Foreign Direct Investments and to serve as an international finance city. The bill will also allow Port City to be recognized as a major economic center that allows for a wide range of services. The government hopes that this will create an environment that invites investors as means of competing with investment hubs such as Dubai and Singapore.
To further supplement the road to achieving these goals the government has also reactivated the Strategic Development Projects Act as a means of providing investors with attractive tax holidays.
The Government is targeting an investment of $ 1 billion from the Port City for 2021 and once it is fully completed the project is expected to contribute $ 11.8 billion to the Sri Lankan Government per annum
The cabinet spokesperson Minister Keheliya Rambukwella stated that the government is confident in the success of the project and that they are one step closer to in the legal process that integrates the bill into Sri Lankan Law.
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