Colombo Port City Special Economic Zone has been promoted among commonwealth countries attracting potential investors by creating awareness on facilities and incentives of this special zone located in a strategic position in the Indian ocean.

It was communicated that priority sectors and Businesses of Strategic Importance will be granted a tax holiday of up to 40 years which is to be established through regulations.

A key take away was that it is imperative that an attractive package of fiscal incentives is offered to entice investors with returns that commensurate with country risk.

CHEC Port City Colombo in collaboration with the Colombo Port City Economic Commission successfully introduced the Special Economic Zone to 50 plus potential investors and members at a specially curated Breakfast meeting held at the Business Forum Event.

The event was a global platform for Sri Lanka’s first service-oriented Special Economic Zone (SEZ) to be showcased in the Business Forum, which was held in Kigali, Rwanda from the 21st to the 23rd of June 2022.

The opening comments were given by the Deputy Chairman of the Commonwealth Enterprise and Investment Council (CWEIC), Sir Hugo Swire followed by a key note address by Mr. Thulci Aluwihare, the Deputy Managing Director of CHEC Port City Colombo.

Sir Hugo, in his opening address stated, “It’s a very exciting development, despite the current economic situation prevailing in the country, the Port City SEZ is ring fenced from that.”

The panel also consisted of the Director General of the Colombo Port City Economic Commission who provided insights on the Commission’s role in the project and further also addressed some of the key misconceptions pertaining to the project.

The event was well received by the audience and generated positive feedback on the overall unique features and positioning of the Port City SEZ which will be a game changer in the region.

It was clearly highlighted that the investor confidence was primarily driven by the Port City Economic Commission engaging with global consultants for providing best practices for ease of doing business, banking and ring fencing regulations which will ensure independent functioning of business activities within the zone.

A common topic discussed with most investors was the current thinking on economically ring fencing the SEZ with robust regulations to ensure impact of current macroeconomic shocks of the country is minimized and the risks can be managed suitably within the zone.

As per the Colombo Port City Economic Commission Act, 100 percent of development capital and business capital required to be raised overseas which allows for such supportive ring fencing regulations.

In addition to voicing concerns on the current macro-economic outlook and potential policy reforms as next steps to be engaged as a result of an IMF Program, Investors were keen to obtain clarity on the fiscal and non-fiscal incentives that would be offered for businesses setting up or relocating to Port City Colombo, SEZ.

UNFPA, the United Nations sexual and reproductive health agency, has launched an appeal for US$10.7 million to deliver lifesaving healthcare to more than 2 million women and girls in Sri Lanka in the next six months.

Sri Lanka is experiencing its worst socio-economic crisis since independence. The country’s once robust healthcare system is teetering on the edge of collapse amid debilitating power shortages and a lack of critical supplies, equipment and medicine.

This is severely impacting the delivery of sexual and reproductive health services, including maternal health care and access to contraception. Existing protection mechanisms for women and girls in need, including survivors of gender-based violence, have also been severely compromised.

A UN survey in May 2022 indicates women and girls’ vulnerability to violence is increasing at the same time as services, including health, police, shelter, and hotlines, are declining due to a lack of financial resources.

“The current economic crisis in Sri Lanka has far-reaching consequences for women and girls’ health, rights and dignity,” said Dr. Natalia Kanem, UNFPA Executive Director. “Right now, UNFPA’s priority is to respond to their unique needs and safeguard their access to lifesaving healthcare and protection services.”

Years of effort have brought steady gains for Sri Lankan women and girls. Some 99 percent of women give birth at health facilities, assisted by medical personnel, but this achievement is now under threat.

An estimated 215,000 women are currently pregnant, including 11,000 adolescent girls, and around 145,000 women will deliver in the next six months. Approximately 60,000 women may require access to surgical interventions.

UNFPA is providing cash and voucher assistance to pregnant women to support access to health facilities – and continues to build the capacity and skills of the extensive midwifery force across the country – but with infrastructure and transportation challenges, childbirth could be a life-threatening, if not fatal, experience for pregnant women unable to access skilled care.

“UNFPA is committed to meeting the critical health and protection needs of women and girls,” said Kunle Adeniyi, UNFPA representative in Sri Lanka. “Our focus is to strengthen sexual and reproductive health and gender-based violence response services to reduce the long-term repercussions of the current crisis.”

Japanese Prime Minister Fumio Kishida expressed confidence that through economic stability and administrative reforms, the crises faced by the Government of Sri Lanka will end very soon and as a service centre in the Indian Ocean, Sri Lanka can be made into a state with great development.

Recalling that the two countries are celebrating 70 years of diplomatic relations, the Prime Minister has also informed that he is eager to work with President Ranil Wickremesinghe for the development of Japan-Sri Lanka cooperation as well as a free and open Indo-Pacific region.

Japanese Prime Minister Fumio Kishida has extended his heartiest congratulations to newly elected President Ranil Wickremesinghe.

Ambassador of Japan to Sri Lanka Hideaki Mizukoshi, who called on the President last Friday, delivered the letter of congratulation from Prime Minister Kishida.

In the congratulatory message, the Japanese Prime Minister extending the best wishes of the Japanese people and the Government said he is happy to see that Ranil Wickremesinghe, who has been dedicated to the economic and social development of Sri Lanka for a long time, become the President.

Expressing confidence in the leadership of President Ranil Wickremesinghe to create political stability in the country, the Japanese Prime Minister hoped that the negotiations with the International Monetary Fund and the debt restructuring process will proceed successfully.

At the meeting with the President, Ambassador Mizukoshi expressed appreciation for highlighting the friendship between Sri Lanka and Japan during his speech delivered at the Parliament on 3 August, and also for the respect paid for the demise of former Prime Minister Shinzo Abe.

President Wickremesinghe and Ambassador Mizukoshi exchanged views on a wide range of topics and discussed the ways to strengthen the long-standing friendship between Sri Lanka and Japan.

The discussions covered a series of upcoming events, which will highlight the 70th anniversary of the establishment of diplomatic relations between Sri Lanka and Japan.

Ambassador Mizukoshi also emphasized Japan’s continuous cooperation in various fields, such as people-to-people exchange and foreign investment for renewable energy, which will be a help for the people of Sri Lanka to overcome this economic crisis and grow further.

In the wake of Sri Lanka’s request to defer the planned docking of a high-tech Chinese research vessel at the strategic Hambantota Port, China on Monday took a dig at India, saying it was “senseless to pressure” Colombo by citing the issue of security concerns.

According to reports from Colombo, Sri Lanka has asked Beijing to defer the arrival of the Chinese space and satellite tracking research vessel ‘Yuan Wang 5’ which was scheduled to dock at the Hambantota Port from August 11 to 17 due to security concerns expressed by India.

Responding to the reports, Chinese Foreign Ministry spokesman Wang Wenbin told a media briefing in Beijing that China has taken note of the reports and asserted that “the cooperation between China and Sri Lanka is independently chosen by the two countries and meets common interests. It does not target any third party”.

It is “senseless to pressure Sri Lanka” by citing the issue of security concerns, he said, in reference to the reports that Sri Lanka’s move was attributed to concerns expressed by India.

“Sri Lanka is a sovereign state. It can develop relations with other countries in the light of its own development interests,” he said.

“China urges relevant parties to see China’s scientific explorations in a reasonable and sensible way and stop disturbing the normal exchange between China and Sri Lanka,” Mr Wang said.

Sri Lanka is a transport hub in the Indian Ocean. Many scientific exploration ships including those from China have stopped at the port of Sri Lanka for resupplies, he said. “China has always exercised the freedom of navigation in the high seas and fully respects the jurisdiction of coastal states for the scientific exploration activities within their waters,” he said.

According to media reports, India informed Sri Lanka that the docking of the high-tech Chinese research vessel could pose a threat to its national security.

Sri Lanka received strong messages of protests from India as the ship was said to have the capability to track satellites and intercontinental ballistic missiles, the reports said.

India has said it carefully monitors any development having a bearing on its security and economic interests.

“We are aware of reports of a proposed visit by this vessel to Hambantota in August,” India’s External Affairs Ministry Spokesperson Arindam Bagchi said in New Delhi when asked about the reports of a proposed visit by the Chinese vessel.

“The government carefully monitors any development having a bearing on India’s security and economic interests and takes all necessary measures to safeguard them,” he said last month.

Reports from Colombo on Sunday said China’s embassy in the country sought an urgent meeting with senior Sri Lankan authorities after Colombo sought deferment in the planned docking of the research vessel.

Some Sri Lankan news portals also reported that the country’s President Ranil Wickremesinghe held a closed-door meeting with China’s Ambassador Qi Zhenhong after Colombo sought the deferment of the planned docking.

On July 12, amidst the political turmoil in Sri Lanka, the previous government approved the Chinese vessel’s docking at the Hambantota port.

The Chinese vessel was expected to dock at the Sri Lankan port for “refuelling and replenishment” and to conduct satellite control and research tracking in the northwestern part of the Indian Ocean region through August and September.

Prime Minister Dinesh Gunawardena recently said Sri Lanka was looking forward to settling the issue of the vessel’s visit with an “approach of friendship”