The Act of the Colombo Port City Economic Council, approved by the Sri Lankan Cabinet, was officially announced on March 24, and marked the implementation of preferential policies for Colombo Port City which entered the countdown phase.
The Act of the Colombo Port City Economic Council is tailored for Colombo Port City and will be instrumental in attracting foreign direct investment. According to the Act of the Colombo Port City Economic Council, Colombo Port City will offer highly attractive tax breaks to eligible businesses and individuals, simplify the administrative examination and approval procedures and facilitate business activities. Establishing special economic zones is an effective tool for developing countries to upgrade their infrastructure, human capital and institutional framework, and also an important and positive signal for Sri Lanka to open up to the rest of the world.
The Special Economic Zone of Colombo Port City will become a major driver for economic growth in Sri Lanka. With a land area of 269 ha reclaimed from the sea and a total construction area of over 5,700,000 squaremeters, it is expected to attract investment of more than USD15 billion, and become a modern city integrating business, commerce, residence and entertainment functions at large.