More Secondary Businesses to commence operations in Colombo Port City
By: Staff Writer
April 11, Colombo (LNW): The Colombo Port City Economic Commission has achieved a significant milestone in its journey, to transform the Colombo Port City into a globally competitive special economic zone (SEZ).
The parliament of Sri Lanka recently approved a comprehensive incentives programme proposed by the Commission in consultation with the Minister of Investment Promotion, in relation to the guidelines for granting exemptions or incentives to businesses designated as Businesses of Strategic Importance (BSI).
The Cabinet of Ministers approved designating several companies as Secondary Businesses of Strategic Importance under the Colombo Port City Economic Commission Act.
The decision aims to provide exemption or incentives to the designated companies from specific Acts outlined in Schedule II of the aforementioned Act.
Additionally, the Cabinet has authorised the publication of orders for the same through gazette notifications.
The companies approved for designation include; Port City – To carry out business as a service provider of Outsourcing of business processes for the overseas entertainment industry.
Iviva Pte – For running a business as an Information Technology service provider that creates products and solutions powered by Smart City Information Technology to support the various tasks of global clients in transitioning to a low carbon economy
Echelon Trade – Running a trading business in textiles, apparel, luxury watches, gold and gems, electrical appliances and cosmetics across multiple global markets
99x Technology As – To run a service providing business to global independent software businesses for crafting digital solutions for real user issues by production, engineering and innovation as well as website development, and by improving mobile applications.
“By providing exemption or incentives from specific regulatory Acts, the Government aims to create a conducive environment for these businesses to thrive and contribute to the development of key sectors such as information technology, trade, and outsourcing services,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said.
‘To offer a competitive value proposition to potential investors, the Commission engaged with top international advisory firms such as PricewaterhouseCoopers, Ernst & Young, KPMG, and Boston Consulting Group for international benchmarking of selected factors.
These collaborations resulted in a proposed framework that establishes Colombo Port City as a globally competitive SEZ with transparent regulations and good governance principles, along with proposed sector incentives.
‘Businesses of Strategic Importance in Colombo Port City are classified into two groups: “Primary Businesses of Strategic Importance” and “Secondary Businesses of Strategic Importance”. Primary businesses involve the development of physical infrastructure of USD 100 million per land plot or USD 25 million in the Marina or Social Infrastructure.
Secondary businesses encompass sectors such as international trade, shipping logistics, banking and financial services, information technology, and tourism, among others.
