Port City Colombo leads the way in fostering Sri Lanka’s Digital EcoSystem
October 23, Colombo (LNW): Port City Colombo is playing a pivotal role in fostering a vibrant digital ecosystem to propel Sri Lanka’s economy forward. In line with the Sri Lankan government’s vision to bui
ld a USD 15 billion digital economy by 2030, the project is designed to attract leading global technology companies, thereby enhancing job creation and creating a competitive regulatory environment.
This initiative positions Sri Lanka as a rising tech hub in the South Asian region.Currently, approximately 40 out of 126 authorized companies at Port City Colombo are key players in the global IT industry.
The soon-to-be-opened Business Center at Port City Colombo, scheduled for completion by the first quarter of 2025, will provide a modern workspace for IT companies, fostering innovation and collaboration in fields such as Artificial Intelligence (AI).
As a Special Economic Zone (SEZ) with a focus on exporting modern services, Port City Colombo has established strategic partnerships to develop the IT and IT-enabled services sectors.
This includes a collaboration with the Sri Lanka Association of Software and Service Companies (SLASSCOM), a major national chamber representing over 350 member companies in Sri Lanka’s Knowledge and Innovation (IT & BPM) industry.
Furthermore, Port City Colombo has signed a Memorandum of Understanding (MoU) with TRACE Sri Lanka, an organization that promotes collaboration, creativity, and entrepreneurship through technology and innovation.
Recognizing the importance of the Indian market, Port City Colombo has formed a special partnership with the National Association of Software and Service Companies (NASSCOM), an influential Indian trade association in the technology sector.
Port City Colombo representatives have participated in prominent NASSCOM events, such as the Technology and Leadership Forum (NTLF) and the Future of Work thought leadership forum, strengthening ties with the Indian tech industry.
Port City Colombo’s attractive fiscal and non-fiscal incentives are further enhancing its reputation as a favorable environment for IT business investment.
These incentives include tax exemptions for over 25 years, the ability to conduct transactions in designated foreign currencies, 100% foreign ownership, and full capital and profit repatriation.
IT companies interested in investing or setting up operations within the SEZ must qualify as an Authorised Person, a designation granted by the Colombo Port City Economic Commission (CPCEC), allowing individuals or entities to conduct business within the designated zone.
As Port City Colombo continues to develop, it reaffirms its commitment to building a thriving digital economy that promotes sustainable and inclusive growth for Sri Lanka. For more information on investment opportunities, visit port city colombo.lk, and for regulatory details, visit port city colombo.gov.lk.
