13 new strategic businesses to start operations at Colombo Port City
uly 12, Colombo (LNW):Port City Colombo is a groundbreaking special economic zone in Sri Lanka, designed to become a premier global investment destination. It offers varied opportunities in property development and other key sectors, backed by strong investor mechanisms.
Recently, 13 businesses were designated as strategically important under the Colombo Port City Economic Commission Act No. 11 of 2021.
These businesses, including Horizon Group USA Global LLC, Satguru Travel and Tourism LLC, Pagero Lanka Software Engineering Ltd., KPMG Professional Services Ltd., and others, are granted exemptions and incentives specified in the Act.
The proposal, introduced by President Ranil Wickremesinghe, aims to attract high-value investments, enhancing Colombo Port City’s status as a global business and investment hub. Detailed benefits will be published in Government Gazette Notifications.
Port City Colombo envisions becoming a world-class corporate hub and driving Sri Lanka’s future economic development.
It aims to foster large-scale business growth in South Asia through a competitive regulatory environment that improves the ease of doing business. This advanced economic zone is expected to shift Sri Lanka’s economy from a manufacturing and tourism focus to one oriented towards service exports.
Key strategic drivers include transactions in 16 foreign currencies, full capital and profit repatriation, and complete foreign ownership.
These conditions attract international businesses to invest and establish operations, generating jobs and attracting top talent in Sri Lanka and South Asia. Port City Colombo seeks to boost growth in foreign exchange through investments in information technology, logistics, commercial services, and more, contributing to Sri Lanka’s economic development.
The project focuses on inviting more foreign direct investments, allowing commercial entities to qualify as Businesses of Strategic Importance (BSIs) and be designated as Authorized Persons (APs) eligible for incentives.
The Colombo Port City Economic Commission acts as a single-window facilitator, managing all business-related matters within the zone.
Primary Businesses of Strategic Importance must invest at least USD 100 million per land plot or USD 25 million per social infrastructure plot. Secondary Businesses of Strategic Importance must meet criteria.
According to this criteria businesses should have annual global revenue over USD 50 million, employing a minimum of 100 people within five years, or having an entrepreneurial venture valued at least USD 500,000.
Companies can also qualify by contributing to Sri Lanka’s social and commercial advancement through innovation, knowledge transfer, technology transfer, and research and development.
Port City Colombo’s long-term vision is to position Sri Lanka as a prime destination for business and innovation.
The project offers multi-sector opportunities, underscoring its readiness for global and regional investment. Interested parties are encouraged to explore further investment opportunities in Port City Colombo.
