Government Gazette’s Colombo Port City Bill
Posted 29,March

By Chaveendra Dunuwille

In Local News

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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.
The 76 page bill titled the ‘Colombo Port City Economic Commission Act’ has been published in the gazette by the government and it to be presented to parliament next month. The bill will lay the groundwork required for the formation of a Port City Commission which will have powers to carryout various activities in the Special Economic Zone (SEZ) within the Port City.
The commission will consist of no less than 5 members and no more than 7 and will oversee all activities within the SEZ including those such as granting registrations, licenses, authorizations and other approvals. The members of the commission will be experts in the fields of investment, finance, law, information & technology, engineering, business/accounting. The panel will be appointed by the President of Sri Lanka.
The objective of the commission will be to promote the Colombo Port City SEZ as a specialized economic zone and major business hub in the region with the goal of competing with current major business hubs such as Singapore and Dubai with the inclusion of specialized infrastructure to support shipping, logistic operations, off shore banking and other financial activities.
The commission will consist of a fund with an initial contribution of LKR 400 million which will be utilized for the payments of initial expenditure such as those required for international promotion and other expenses that may be incurred by the Commission related to the Act.