Port City Colombo to reinvent SL economy to contemporary system that is geared for export of services

Port City Colombo says it hopes to empower large-scale business growth within the South Asian region through a reliable and competitive regulatory environment that enhances the ease of doing business.

Issuing a statement the Port Coty Colombo says that this progressive economically ring-fenced landscape is projected to reinvent the Sri Lankan economy, from one that has been traditionally focused on manufacturing and tourism to a contemporary system that is geared towards the export of services.

With strategic drivers including the ability to transact in sixteen different foreign currencies, 100 percent capital and profit repatriation, and 100 percent foreign ownership, Port City Colombo provides favourable conditions for international businesses to invest and set up operations, whilst fostering an increase in job creation and attraction of top talent for not just Sri Lanka, but also South Asia as a whole.

By driving trends in information technology, logistics, commercial services and more, Port City Colombo also aims to stimulate growth in Foreign Exchange through key business investments, which would further contribute to Sri Lanka’s economic development.

The statement further adds that showcasing a strong emphasis on inviting a higher influx of foreign direct investments, Port City Colombo enables commercial entities to become qualified as Businesses of Strategic Importance (BSI’s), which are designated Authorised Persons (AP’s) with a higher eligibility for incentives.

This streamlined process is governed by the Colombo Port City Economic Commission, the single-window facilitator that regulates and administers all matters connected with businesses and other operations within the vicinity and from the area of authority of the Colombo Port City Special Economic Zone.

"To be considered a Primary Business of Strategic Importance, companies are necessitated to demonstrate interest in real estate, social infrastructure, or commercial property development, and meet the threshold of minimum investment of USD 100 million per land plot or USD 25 million per
social infrastructure plot," Port City says.

"Corporate entities, who are interested in setting up business operations, could qualify as Secondary Businesses of Strategic Importance under the one of the following criteria: an annual global revenue of more than USD 50 million; a minimum of 100 employees within five years from commencement of operations; or an entrepreneurial venture with a valuation of at least USD 500,000."

Apart from the above criteria, businesses also have the option of showcasing a contribution towards the social and commercial advancement of Sri Lanka by fostering innovation, knowledge transfer, technology
transfer, research and development.

Reinforcing the long-term vision of transforming Sri Lanka into a prime destination for business and innovation, Port City Colombo demonstrates its readiness for global and regional investment through the project’s intriguing multi-sector opportunities.

For information about Port City Colombo’s investment opportunities, please visit www.portcitycolombo.lk.

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