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BOI says first investment of Port City is underway

2 years ago

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The first project of the US $ 100 billion Colombo Port City is to be implemented in two phases, it was revealed at the Parliamentary Committee on Public Finance chaired by Parliamentarian Anura Priyadarshana Yapa recently.
The first phase of the establishment of this International Financial Center, which is scheduled to be completed in 2025, will consist of a state-of-the-art office tower with a Grade A international complex, two high-rise housing towers and a retail hall. The second phase will also have a state-of-the-art office tower with a range of international A-grade floors and a retail pavilion. The Strategic Development Projects Act provides for 75% local opportunity for unskilled workers and higher level workers and 65% local opportunity for skilled workers in recruitment. The Committee on Public Finance (CPC) approved the BOI, emphasizing that such projects, which provide a wide range of tax relief locally, must make a direct contribution to the country's overall economy. In addition, the Committee on Public Finance today approved the Export Quality Tire Manufacturing Plant Project, Ceylon Tire Manufacturing Company (Pvt) Ltd., which is scheduled to commence this July inside the Hambantota International Port. The project is expected to be operational within 36 months, after which it will resume commercial operations. Dr. Sanjaya Mohottala, Chairman of the Board of Investment (BOI) pointed out. Anura Priyadarshana Yapa, Member of Parliament inquired from the Chairman of the Board of Investment regarding the systematic increase in rubber production in the country. Minister Susil Premajayantha drew the attention of the Minister to the high prices of Sri Lankan domestic products as compared to other countries and Minister Vidura Wickremanayake also said that the tax concessions received by foreign companies should flow to the local industrialists as well.

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