As Sri Lanka seeks to strengthen its economic recovery and restore investor confidence, authorities are turning their attention to the Gulf region, presenting Port City Colombo as a cornerstone project capable of attracting billions in investment and transforming the island into a regional services hub.
This vision took centre stage at a major investment forum hosted in Dubai, where government representatives and project officials showcased opportunities within Port City Colombo to an audience of UAE-based investors, business executives, financial institutions, and industry stakeholders.
Held at the Ritz-Carlton Dubai, the event formed part of a wider campaign to promote Sri Lanka’s premier Special Economic Zone and secure foreign direct investment for sectors expected to drive future economic growth.
The gathering featured prominent figures including Presidential Special Envoy on Foreign Direct Investments Hanif Yusoof, Colombo Port City Economic Commission Chairman Harsha Amarasekera, and senior representatives from CHEC Port City Colombo Ltd. Their message was clear: Sri Lanka is positioning itself as an attractive destination for international capital, with Port City Colombo serving as the flagship platform for that ambition.
Speakers emphasised that the project offers investors a combination of strategic location, modern infrastructure, and a dedicated regulatory environment designed to facilitate global business operations. Located adjacent to Colombo’s commercial district and connected to major shipping routes, the development aims to become a centre for finance, technology, logistics, and professional services.
Sri Lanka’s Ambassador to the UAE, Professor Arusha Cooray, opened proceedings by highlighting the longstanding economic ties between the two countries and underscoring the growing importance of bilateral trade and investment cooperation.
One of the event’s key themes was the comparison between Dubai’s rise as a global commercial centre and the aspirations behind Port City Colombo. Ghanim Al Falasi, representing Dubai Silicon Oasis, noted that major infrastructure projects combined with business-friendly policies had played a crucial role in Dubai’s success. He suggested similar opportunities could emerge in Colombo if the project successfully attracts international businesses and investors.
During the forum, CPCEC officials detailed investment incentives, registration procedures, and future development plans. The presentations were designed to address investor concerns while demonstrating the project’s readiness for large-scale commercial activity.
Analysts note that Sri Lanka’s efforts to attract Gulf investment come at a critical time. The country is seeking to diversify sources of foreign capital, improve export earnings, and create high-value service industries capable of generating long-term economic benefits.
Closing the event, Consul General Alexi Gunasekera stressed that the initiative was intended not only to market Port City Colombo but also to deepen economic engagement between Sri Lanka and Gulf economies.
The strong turnout of business leaders and investors from sectors including banking, information technology, logistics, and real estate suggested significant regional interest. Whether that interest translates into substantial investment commitments will be closely watched, as Port City Colombo continues to be promoted as one of Sri Lanka’s most ambitious economic development projects.
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Sri Lanka Customs Overtakes Inland Revenue as Tax Collections Soar
Sri Lanka’s tax collection landscape has undergone a dramatic shift in 2026, with Sri Lanka Customs emerging as the country’s largest revenue-generating agency and overtaking the Inland Revenue Department for the first time in years. The development underscores the growing importance of import-based taxation in supporting the Government’s ambitious fiscal consolidation programme.
Official figures from the Finance Ministry show that Customs contributed Rs. 876 billion during the first four months of the year, representing 49% of total tax revenue. By comparison, the Inland Revenue Department collected Rs. 780 billion, accounting for 44%, while the Excise Department generated Rs. 97 billion.
The change has been driven primarily by the resumption of vehicle imports, which has triggered a sharp increase in tax collections at ports of entry. Revenue from excise duties on motor vehicles jumped to Rs. 187.1 billion between January and April, more than three times the amount collected during the same period in 2025. VAT on imports also recorded strong growth, increasing by 35% to Rs. 299.9 billion.
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