Wednesday, May 29, 2024

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Port City and Cinnamon Life reveals investment insights

With Colombo Port City and Cinnamon Life emerging as Sri Lanka’s most attractive investment opportunities in the property and leisure sectors, a webinar hosted recently by the Sri Lanka Canada Business Council (SLCBC) of the Ceylon Chamber of Commerce offered potential investors a unique opportunity to gain investor insights into the two projects.

Senior executives representing the two projects presented unique features, strategic growth plans and early-bird investment insights to an international audience at the webinar, furthering the SLCBC’s efforts to promote bilateral trade, investment and technology transfer between Sri Lanka and Canada by highlighting Sri Lanka’s emergence as a globally attractive investment destination.

Ms. Nabiha Mohamed – Manager of Strategy and Business Development of Port City, Colombo appraised participants of the opportunities in hospitality and tourism, ICT/BPM, maritime and logistics and financial services as FDI drivers, as well as the benefits of the Port City Act which would enhance the ease of doing business and prioritise FDIs.

Mr. Dileep Mudadeniya – Head of Corporate Affairs at John Keells Holdings and Vice President, Marketing of Cinnamon Hotels elaborated on the country’s biggest private-sector mixed-development investment project – Cinnamon Life – comprising what will be Sri Lanka’s largest hotel, as well as office and residential spaces.

With a focal point on boosting city tourism, while contributing to the development of peripheral sectors, the project has already attracted high levels of global investor interest, he added.

The Colombo Port City, is an exclusive, mixed development project in South East Asia, aimed at building a greener and smarter city. The project marks the beginning of an era of development in keeping with the Vision of “Building a World-Class City for South Asia.”

It has received 31 out of the 74 land plots technically completed by the Project Company to the Commission while releasing 6 plots out of the 31 on a 99-year lease basis, generating USD 200 million in sales revenue with a collective investment commitment of USD 600 million.

The port city has Commenced construction of the region’s first Downtown Duty-Free (DF) mall, for operation by two of the world’s leading DF operators, positioning the Colombo Port City as a regional shopping destination.

Measures have been taken to Incorporate Special Port City designated shell companies for smooth investor transfers and establishd designated bank licensing terms (allowing secure, unrestricted foreign currency accounts for investment in the Port City.

It has expedited Approval, Investor Agreement and Licensing processes for Potential Investors and Authorized Persons while completing special Port City e-business and Virtual City concept and submitted same for peer review to the Government of Sri Lanka.

Port City has Identified all 74 primary development plots as Businesses of Strategic Importance, entitled to the maximum benefits permissible under Section 52 of the CPCEC Act.

It has Initiated Single Window Facilitation discussions with relevant Government Departments, and provided as a pilot project full service (Port Health, Immigration, Customs, and International Ship and Port Facility Security Code) to Port City’s first super-yacht “Kalizma” arrival at the international marina on-site.

*Port City commission has partnered with a leading global technology company to deploy a state-of-the-art digital platform for all-inclusive investor engagements.

The absence of restrictive exchange controls, a preferential tax system with zero tax on personal income, remuneration in foreign currency (FC), and flexible long-term visas for foreign workers and their families coupled with the Sri Lankan lifestyle has generated significantly in the project from international investors.

The establishment of the Colombo International Financial Centre in February 2022 and associated exchanges will soon stimulate the flow of FC through the Port City, creating employment and adding substantial value to the broader economy over time.

Our current focus is on identifying and creating compelling value propositions in physical infrastructure development, banking and financial services, knowledge export and other key sectors, targeting reputed anchor investors in each.

The Commission strives for transparent and efficient processes in setting up businesses, condominium ownership, gaming and leisure activities and city management that will be globally competitive, and welcomes all input towards achieving its objectives.

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