Sri Lankan government in the process of finalizing laws to create special economic zone in the Colombo Port City
State Minister for Economic Affairs in Sri Lanka, Harsha de Silva has reportedly said the government is in the process of finalizing laws to create ring fenced special economic zone in a reclaimed Port City with a cutting edge legal system, a financial court, and where expropriation is prohibited and experts from any part of the global can be hired.
The Minister has made this observation at a forum in Colombo organized recently by Asia Securities.
The 269 sea reclamation next to Colombo Port will be overseen by a Colombo International Financial City Commission which will be monitored by an advisory council coming under the President of Sri Lanka, de Silva has been quoted as saying.
“There will be no restriction on foreign ownership (of companies), no restriction on the repatriation on repatriate of profits, employment of non-citizens and there is no way property can be expropriated,” the Minister has observed.
According to de Silva, who heads a steering committee on building soft infrastructure, the reclaimed land itself will be owned by the Sri Lanka and it will be vested in the Urban Development Authority.
The local media has reported that out of the 269 hectares 116 will be developed by the CHEC Port City, the reclamation firm. The government will develop 62 acres and will also own another 91 hectares of common spaces.
OSL take:
The formation of a special economic zone in the proposed Colombo Port City would undoubtedly be a hotbed for foreign investments. Given its close proximity to the Colombo Port as well as the quick access to the international airport, the land mass in the Colombo Port City would provide the ideal location for foreign companies to set up businesses in the South Asian region. Also, the special laws that would cover the special economic zone would create an environment that is conducive to conduct businesses. Therefore, foreign businesses/investors could explore investment opportunities in the Colombo Port City.
| Article Code : | VBS/AT/20181026/Z_3 |