Sri Lankan government to offer incentives to investors and banks in the International Financial City
The government of Sri Lanka has reportedly decided to keep promoting the International Financial City (IFC) concept for the Colombo Port City in order to attract foreign investments, Project Director of the Colombo Port City Nihal Fernando has said.
According to media reports, the Colombo International Financial City will be a special financial zone at the Colombo Port City giving special incentives to investors and banks.
Local media reports have further stated that the proposed financial centre in Colombo will be operated similar to IFCs in Dubai, Singapore and Hong Kong.
International Financial Centres such as London, New York, and Tokyo – are large international full-service centers with advanced settlement and payments systems.
The Sri Lankan government is expected draw up new regulations covering banking and financial transactions, company law, recruitment and employment rules, arbitration laws and all special regulations and laws needed to set up the proposed IFC.
The piling for the nine bridges has now been completed and the total project is expected to be completed by 2041.
OSL take:
The proposed IFC in Colombo would provide an attractive business/investment opportunity in Sri Lanka. Sri Lanka’s geographical positioning in the Indian Ocean, the ease of doing business environment in the country and the many trade agreements as well as trade concessions enjoyed by the country have made it an attractive business destination in the South Asian region. Therefore, the proposed IFC with incentives offered by the government of Sri Lanka would provide an ideal business/investment opportunity in the island.
| Article Code : | VBS/AT/16122019/Z_4 |