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Port City legal framework to Parliament by April

08 Apr 2021

Speaking at a webinar yesterday (7) hosted by Veemansa, Secretary to the President P.B. Jayasundera stated that the legal framework for Port City that has been laid out will be presented to Parliament during the third week of April, The Morning Business learns. “This is scheduled to be placed before Parliament by the third week of this month and after the due process of obtaining the observations of the Supreme Court, the legislation will be taken to Parliament for debate,” Jayasundera stated. Furthermore, Jayasundera highlighted that the reclaimed land that is going to be a landmark for the new Economic Zone, is the Colombo Port City we know today. Thus, he stated that the missing gap was the legal framework to create a new economic development zone in the country. “We have designated this legislation as the Colombo Port City Economic Commission, where it will be independent and the objective of the Commission is to be a one-stop investment centre for investors,” Jayasundera commented further. Also, it was stated that the Colombo Port City Economic Commission involves a concept where it has recognised the certainty in investments. In addition, Jayasundera explained that the certainty is a result of not only one government getting involved in this project but three governments contributing and verifying its relevance. Thereby, it was also stated that these Governments have gone through the country’s Environmental Impact Assessment (EIA) and the value it would add to the nation by developing the new landscape. Moreover, the Secretary to the President stated that in formulating the aforementioned framework legislation, every legislation in the country with regard to banking, taxation, customs, or any other relevant applicable laws has been taken into account in creating one masterpiece which recognises all necessary legislation. It was also highlighted that the legal framework has gotten the necessary clearance that is constitutionally in the Sri Lankan framework.  In addition to this, he stated that the Sri Lankan Government plans on developing two components in the Port City. The first component involves public goods where transportation, parks, and recreational centres will be established, followed by the second component of hospitals, financial hubs, tourism housing education, and other fundamental infrastructure. “The Commission will be independent with its Chairman and Board of Directors of international reputation, which will advertise internationally to get the required personnel,” Jayasundera stated. “This will place Sri Lanka on the global map as the most attractive investment country in Asia parallel to other rising Asian countries,” he added.


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