By: Staff Writer
Colombo (LNW): The Port City Colombo is making significant progress in infrastructure development and engineering as well as regulations along with the implementation in the Special Economic Zone activities.
This was revealed by the Colombo Port City Economic Commission, the Single Window Investment Facilitator authorised to assist investors, businesses and residents in conducting their activities seamlessly and efficiently in Port City Colombo.
Special Economic Zone (SEZ) is designed to be a prestigious, strategically located city in the heart of South Asia, with sustainable high-quality public spaces and infrastructure, providing top-quality commercial, entertainment, medical, education and lifestyle.
International destinations such as DIFC, DMCC, Labuan, Singapore and Mauritius were studied for their regulatory frameworks, fiscal incentives and operational efficiency to identify the most competitive processes and policies for Port City Colombo.
The benchmarking study was done by global consultants such as Boston Consulting Group, PwC, KPMG, EY, Pinsent Masons, Zico Law, JLL, etc., for the SEZ’s thrust sectors, supported by market feedback on both fiscal and non-fiscal parameters.
Making significant progress with regard to infrastructure and engineering, regulations governing Apartment Ownership and Condominium Management were drafted, and have been submitted to the Ministry of Investment Promotion.
A number of site inspections have also been carried out, and have addressed infrastructure development issues identified in Phase I, enhancing overall development. These are quickly being addressed to make way for Phase II.
As a modern, tech-centric development, committed to sustainability, key progress milestones were achieved in this area as well, during the year.
A committee, comprising IT/Technology leaders, Commission officials, and CHEC Port City Colombo representatives, was established to advise on technology-related matters, including smart city development.
A Memorandum of Understanding (MoU) with Mastercard has been inked to foster collaboration in data insights, technology innovation, sustainable growth, and digital accessibility.
A Duty-Free verification system is also in development to monitor compliance when Port City Duty-Free operations commence. Meanwhile, the Commission also launched its official website(s) and mobile application, enhancing accessibility and convenience for stakeholders and visitors.
These accomplishments underscore the Commission’s unwavering commitment to fostering economic growth, innovation, and a dynamic business environment within Colombo Port City.
With an optimistic future outlook, the Commission eagerly anticipates continued collaboration and progress during the remainder of the year and the upcoming year, building upon the foundation of success established so far in 2023.
Investors can thus now confidently explore the opportunities that Colombo Port City offers the world as the Gateway to South Asia.