Sri Lankan government to announce incentives to be given to investors in Colombo Port City
The government of Sri Lanka is reportedly planning on announcing the incentives that would be given to the Colombo Port City investors in the coming weeks.
Economic Reforms and Public Distribution Minister of Sri Lanka, Dr. Harsha de Silva has told the local media that regulations for the Colombo International Financial City (CIFC. Also known as Colombo Port City) are to be presented to Cabinet after presentation to the Prime Minister.
De Silva, who chaired the Cabinet-appointed CIFC Steering Committee on Soft Infrastructure for the Port City project, has told the Daily FT that the incentives given for investors in Sri Lanka’s first manmade city would be announced in the coming weeks.
“We had made major progress on tax and investment incentives and they were already finalised to be announced in the Budget, but the coup prevented it,” Dr. de Silva has said.
The committee, which has been reassigned under the Ministry of National Policies and Economic Affairs headed by Prime Minister Ranil Wickremesinghe, is to be reappointed, de Silva has added.
OSL take:
The incentive scheme once announced by the Sri Lankan government, would make the Colombo Port City that is currently under construction, one of the hottest business hubs in the Indian Ocean region. Given Sri Lanka’s geographical positioning, the many trade agreements enjoyed by the country with other nations and the developments recorded in all key economic sectors, Sri Lanka is fast becoming a hub in the Indian Ocean. Therefore, foreign businesses/investors could explore business/investment opportunities in Sri Lanka.
| Article Code : | VBS/AT/31012019/Z_2 |