Seminar on Port City Colombo Commission to be held in Colombo next month
A seminar on the new Port City Colombo Commission Bill: Special Economic Zone (SEZ) is to be held on 4 May at the Cinnamon Lakeside Hotel Colombo, according to local media reports.
Organisers Asian Pathfinder Legal Consultancy and Drafting Services has been quoted saying that the Cabinet of Ministers had approved the Port City Commission Bill which paves the way for the country’s President to gazette and present the legislation before Parliament.
After receiving parliament approval, the Colombo Port City is tipped to attract investment and function as a specialised economic centre for the subcontinent and Southeast Asia.
According to reports, the proposed legislation will outline the legal, tax, regulatory, and dispute resolution mechanism and the exemptions given to investors of Port City.
A high-powered 5-7 member Colombo Port City Economic Commission, with adequate powers at its disposal, is to function as a Single Window Investment Facilitator in relation to the grant of any registration, license, authorisation or approval for business entities in the Special Economic Zone (SEZ), according to local media reports.
Speakers and topics for discussion at the seminar are as follows.
Introduction to the new Port City and the benefit to the economy is to be conducted by Colombo Port City CHEC Assistant Managing Director Thulci Aluwihare; Salient features of the new proposed legislature and its legal implications for Sri Lankan businesses by Dr. Asanga Gunawansa P.C. Ph.D. (NUS) and Contractual issues in foreign investment transactions and One Belt One Road Initiative and Legal Impediments by Dr. D.C. Jayasuriya PC. The seminar will be moderated by Malik Cader Attorney-At-Law, Solicitor UK.
The seminar is meant for foreign investors, commercial heads of diplomatic missions, heads and management of blue chip companies, banks, real estate companies, importers, exporters, finance companies, freight forwarders, stock brokers, accountants, lawyers, financial market regulators.
This seminar will focus and provide clarity on issues on its opportunities, legal implications and contractual issues, local media reports added.
Sri Lanka’s Port City project in Colombo is one of the key mega development projects that will take the country to the next level of development. Many foreign business tycoons have visited Sri Lanka and the Colombo Port City project to explore business/investment opportunities. Sri Lanka is fast becoming a business hub in the South Asian region given its geographical positioning in the Indian ocean and the many trade agreements as well as the trade concessions enjoyed by the country. Therefore foreign businesses/investors could explore opportunities in Sri Lanka as well as the Colombo Port City.
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