Port City Colombo marks tenant handover of Business Centre
Daily FT: Port City Colombo last Friday commemorated the formal handover of office space to key anchor tenants with a special ceremony.
The event was graced by the presence of China Communications Construction Group (CCCC) Deputy General Manager Chen Zhong, Colombo Port City Economic Commission (CPCEC) Chairman Harsha Amarasekera, China Harbour Engineering Company (CHEC) Chairman Bai Yinzhan, Finance, Economic Stabilisation and National Policies Ministry Director General – Corporate Affairs Dr. Sulakshana Jayawardena, and CHEC Port City Colombo Ltd. Managing Director Xiong Hongfeng.
The occasion was attended by an esteemed gathering of CCCC and CHEC dignitaries, and tenants who have leased out space at the Business Centre.
The Business Centre at Port City Colombo, which officially broke ground in March 2024, is a premier IT and business park that empowers businesses to operate, exchange knowledge, and drive new advancements in their respective fields. The development encompasses nine low-rise office buildings, with a dedicated IT hub and a commercial hub. 80% of the office space at the Business Centre has been officially leased out to Authorised Persons, who have been registered and approved by the CPCEC to conduct business within the Colombo Port City Special Economic Zone (SEZ).
The Business Centre represents a $ 5 million Foreign Direct Investment (FDI) by CHEC, the subsidiary of CCCC. Being a Fortune 500 company employing over 120,000 people across 145 countries and regions, CCCC has contributed significantly towards instrumental construction and development projects through CHEC since 1998 in Sri Lanka, with Port City Colombo being one of the Group’s most strategic ventures.
CCCC aims to support the further evolution of Port City Colombo into a thriving regional ecosystem that will attract FDI, foster knowledge exchange and innovation, and contribute to increased job creation potential in Sri Lanka. CHEC, the primary project developer, has invested approximately $ 1.4 billion in Port City Colombo – the project is Sri Lanka’s largest FDI and Public-Private Partnership (PPP) to date.
The handover of office space at the Business Centre embodies the commencement of operationalised commercial activity within the Colombo Port City SEZ. Promoting strengthened investor confidence in the Asian region, this movement showcases the progressive regulatory framework of the Colombo Port City SEZ in action.
On-boarded tenants, who will be setting up operations at the Business Centre as registered Authorised Persons, would benefit from the SEZ’s fiscal and non-fiscal incentives, whilst they contribute to Port City Colombo’s growing business ecosystem. This epitomises the landmark opportunity for further economic growth and development in Sri Lanka, with Port City Colombo being its key strategic driver.
OSL take:
Sri Lanka’s Port City project in Colombo is aimed at taking the country to the next level of development as it embarks on a path to becoming a regional hub. According to reports, with the Business Centre soon to commence operations, Port City Colombo takes one additional step towards becoming a sought-after destination for business, investments, and leisure in the heart of South Asia. Sri Lanka’s geographical positioning and the strong trade ties enjoyed with many foreign countries have placed Sri Lanka prominently in China’s Belt and Road Initiative as well as in trade and business programmes of many other foreign countries. Given that Sri Lanka is on a growth path with a strong and resilient economy, the expanding business/investment opportunities in the country, especially in the Colombo Port City project, foreign businesses/investors could confidently explore the lucrative ventures in the making. Operations could also be expanded by foreign businesses through local collaborations.
| Article Code : | VBS/AT/20250606/Z_2 |