Port City Commission Bill to be drafted to attract international investors

The Cabinet of Ministers yesterday approved a proposal to draft the Colombo Port City Commission Bill to meet national requirements and to attract international investors.

The government said the attention has now been focused on making the Colombo Port City a Specialized Economic Center with a wide scope of service to the Indian subcontinent and Southeast Asia, and a regional hub aimed at a service economy in line with “Vistas of prosperity and Splendour”, the current Government Policy Statement.

“For this purpose, it was deemed necessary to create an active environment that can compete with investment hubs such as Dubai, Singapore, and Hong Kong, by attracting investors, entrepreneurs, innovators, companies, financial institutions through a well-structured and competitive legal, tax and regulatory, and dispute resolution mechanism.

The proposal had been tabled by the President Gotabaya Rajapaksa.