Sunday, August 14, 2022

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Colombo Port City begins strategic businesses to generate foreign exchange

The Colombo Port City is set to start businesses of strategic importance with offshore companies, authorized persons, duty-free retail operations following the cabinet approval for its Duty-Free Regulations soon.

These key regulations awaiting cabinet approval were completed, together with suitable draft policies and procedures for identified thrust sectors, designed with extensive benchmarking studies in fiscal and non-fiscal areas.

The facility will be operated by two of the world’s leading DF operators, positioning Colombo Port City as a regional shopping destination.

Additionally, an expedited approval for investor agreement and licensing processes for potential investors and authorized persons have also been completed.

The Colombo Port City Commission now headed by young dynamic business leader Dinesh Weerakkody has expedited the work to generate much needed foreign exchange in to the country attracting leading investors world wide.

The Commission has granted six fresh Indenture of leases for a 99-year period to the investors valued at approximately $ 200 million and investors have projected a collective investment commitment of $ 600 million.

The update on the leases is contained in the Colombo Port City Economic Commission’s second biannual progress report which covers the activities of the Colombo Port City project from January to June 2022.

It said the Colombo Port City has received 42 out of the 74 plots technically completed by the project company, for which completion certificates have been issued to the project company.

Out of the 34-project company marketable land plots granted to the project company on a 99-year lease basis, six plots were released back to the Commission by the project company.

Additionally, an expedited approval for investor agreement and licensing processes for potential investors and authorized persons have also been completed.

The Commission, in collaboration with the Department of Immigration and Emigration (DIE), is streamlining and automating the visa application and approval process for three defined visa types under the Colombo Port City law.

These are Investor Visa (10 years), Employment visas (dependent on the contract tenure), and long-term Residence visas (dependent on lease tenure) and include all dependents.

An expedited process has been established with the Registrar of Companies in Sri Lanka for ease of setting up companies under Colombo Port City law, under the Single Window Facilitation process mandate defined in Section 30 of the CPCEC Act.

The Monetary Board and Ministry of Finance have approved full the CPCEC regulated offshore licenses for four banks initially.

The Central Bank has created a new class of account available for all banks under its regulatory purview, the Colombo Port City Investment Account designed to facilitate the inflow of funds to be used for investing in Colombo Port City.

The Commission is conducting a detailed ESG (Environmental, Social, and Governance) benchmarking study of the most climate-friendly cities in the world to apply best practices in the development of Colombo Port City infrastructure and facilities.

Negotiations are ongoing to introduce a leading Global Food and Beverage operator into Colombo Port City, offering a range of East, West, and Fusion cuisine, creating a ‘watering hole’ concept for DF shopping, as well as a world-class dining destination in the City of Colombo.

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