CODEGEN Innovations ventures into Colombo Port City, receives incentives
Daily FT: The Cabinet of Ministers approved providing exemptions or incentives to CODEGEN Innovations under the provisions of the Colombo Port City Economic Commission Act and to gazette it as a means of formalising the directive.
Cabinet Co-Spokesman and Minister Bandula Gunawardena said the decision is expected to boost the attractiveness of the Colombo Port City as a hub for investment and technological innovation, contributing to economic growth and job creation in Sri Lanka.
Based on the proposal, CODEGEN Innovations plans to invest USD 500,000, aiming to generate around USD 15 million in revenue within five years. The company also aims to create around 400 job opportunities during this period.
CODEGEN Innovations, a division of the CODEGEN Group registered in Sri Lanka, specialises in providing technology solutions including software, data science, design and hardware. Having secured approval from the Colombo Port City Economic Commission, the company has applied for designation as a secondary business of strategic importance.
The company’s eligibility for exemptions or incentives is in accordance with the directives outlined in the Colombo Port City (Guidelines on the Grant of Exemptions or Incentives to Businesses of Strategic Importance) Regulations, No. 2 of 2023.
OSL take:
Sri Lanka’s Port City Project in Colombo is aimed at taking Sri Lanka to the next level of development in line with the country’s target of becoming a regional hub. The country’s strategic positioning in the Indian Ocean and the strong trade ties enjoyed with other countries also support Sri Lanka’s target of becoming a regional hub. The special economic zone in the Colombo Port City Project presents an ideal venue for foreign businesses/investors to set up base in to engage with other countries in the region using the trade ties enjoyed by Sri Lanka with other countries. The overall economic activities in Sri Lanka and the growth and business potential in the country gives confidence to foreign businesses/investors to explore opportunities in the country. Realizing the increasing interest in Sri Lanka by foreign businesses, the Sri Lankan government has formulated a host of incentive schemes to assist foreign businesses/investors to engage with the country.
| Article Code : | VBS/AT/20240404/Z_8 |