Colombo Port City Economic Commission reports progress

The Port City of Colombo Economic Commission shares a progress report with the public, local and international stakeholders, covering the activities of the Commission and the Port City of Colombo Project in the 6 months following the launch. creation of the Commission in June 2021 by the President of Sri Lanka, Gotabaya Rajapaksa.

The Port City of Colombo is an exclusive and mixed development project in Southeast Asia, aimed at building a greener and smarter city. The project marks the beginning of an era of development in line with the vision of “Building a World Class City for South Asia”.

* Received 31 of 74 technically completed plots from the project company to the Commission.

* Release of 6 of the 31 plots on the basis of a 99-year lease, generating $ 200 million in sales with a collective investment commitment of $ 600 million.

* Income earned for the Commission to fully repay the LKR 400 million advance received for its establishment.

* Construction begins on the region’s first Downtown Duty-Free (DF) shopping center, intended for operation by two of the world’s leading DF operators, positioning the port city of Colombo as a regional shopping destination.

* Appointed an internationally renowned accounting firm to manage the finances of the Commission and the Commission Fund.

* Appointed an internationally renowned audit firm to perform the statutory audit of the Commission and the Commission Fund.

* Offer of the International Commercial Dispute Resolution Center to international operators under a Memorandum of Understanding with the Sri Lanka Ministry of Justice.

* Engages world-class consulting firms to develop appropriate policies and procedures for identified key industries and to design top-notch regulations in tax and non-tax areas.

* Final interviews preselected for the international recruitment of candidates for general management.

* Incorporation of fictitious companies designated by Special Port City for smooth investor transfers.

* Designated banking license conditions established (allowing secure and unrestricted foreign currency accounts for investment in the port city.

* Accelerated approval, investor agreement and licensing process for potential investors and authorized persons.

* Completion of the special e-commerce concept of port city and virtual city and submission thereof for peer review to the Government of Sri Lanka.

* Identified the 74 primary development plots as companies of strategic importance, entitled to the maximum benefits authorized under article 52 of the CPCEC law.

* Design of a simplified customs process for the clearance of capital goods and consumables in the port city.

* Initiated discussions on the facilitation of the Single Window with the relevant ministries and provided as a pilot project a full service (port health, immigration, customs and international code of safety of ships and port facilities) on arrival of the first super -yacht “Kalizma” from the port city to the international marina on site.

* Partnered with a leading global technology company to deploy a cutting edge digital platform for all-inclusive investor engagements.

* Collaborate with SLASSCOM to make IT / KPO a promising sector for the port city by developing policies conducive to attracting world-class technology companies to invest in the port city and partnering with Sri Lankan companies for a creation, transfer and export of maximum knowledge around a concept of “Colombo Tech City” promoting the will of the Nation to make Sri Lanka a Green IT Hub.

* Animation of numerous international promotional events (Red Bull Outrigged 2021, visit of the President and the delegation of the FIFA Federation, launch of LPL Cricket, visit of the President and the Asia Rugby delegation) and license of several other temporary activities in course, thus improving the visibility of the project.

* Organization of internal and external sustainability workshops to raise standards by differentiating the port city as a climate-friendly city of the future.

* Sri Lankan Air Force engagement on flight control management for commercial and emergency flight movements (vertical rotorcraft) to and from the port city.

* Carrying out of a feasibility study with the Sri Lankan Navy on the definition of management protocols for access to the sea and concerning the internal waterways of the port city.

The absence of restrictive exchange controls, a preferential tax regime with zero personal income tax, remuneration in foreign currency (FC), and flexible long-term visas for foreign workers and their families coupled with the mode of Sri Lankan life generated significantly in the project from international investors.

The establishment of the Colombo International Financial Center in February 2022 and associated exchanges will soon stimulate the flow of FCs through the port city, creating jobs and adding substantial value to the economy as a whole over time.

Our current goal is to identify and create compelling value propositions in physical infrastructure development, banking and financial services, knowledge export and other key sectors, targeting reputable anchor investors in each.

The Commission strives to put in place transparent and efficient processes for business creation, joint ownership, gaming and leisure activities and city management that will be globally competitive, and welcomes all contributions towards achieving its objectives.

This is a press release from the Colombo Port City Economic Commission (CPCEC)

Aurora J. William