Sri Lanka’s Port City Commission approves operation of two crypto currency exchanges
Ada Derana: The orders made under the Colombo Port City Economic Commission Act No. 11 of 2021 published under the Gazette Notice Notification. 2339/31 were approved by the Committee on Public Finance.
A lengthy discussion was held regarding the 10 business companies active in the Colombo Port City and attention was paid to the problematic situations regarding the signing of contracts by these companies. It was disclosed that these companies have entered into contracts under 3 methods. That is prior to the preparation of the port city, during the period of preparation of the port city and post preparation of the port city.
The Committee pointed out that this agreement was not made according to one system with any legal basis. As a result, he recommended that the opinion of the Attorney General be sought within 4 weeks and the Committee be informed about it.
The Committee Chair pointed out that it is important to check the constructions carried out by these companies in this area.
Following a lengthy discussion on this regard, approval was obtained when the Committee on Public Finance met in Parliament recently (Oct. 24) under the Chairmanship of Hon. (Dr.) Harsha de Silva, Member of Parliament.
Moreover, the Committee on Public Finance was informed that the Port City Commission had given permission to run two crypto currency exchanges. Thus, the Committee on Public Finance recommended to inquire on the said from the Central Bank and get their opinion.
OSL take:
Sri Lanka is on a path to become an emerging business destination in the South Asian region supported by the country’s geographical positioning in the Indian Ocean and the strong trade ties enjoyed by the country. The Colombo Port City project is one of the key projects aimed at taking the country to the next level of development. The Port City Commission is also focused on developing the City to become a business/economic hub in the South Asian region with special laws and regulations that would enable it function as a special economic zone. There have been many large-scale foreign businesses/investors already showing interest in the Colombo Port City project and exploring opportunities. The Port City management last month engaged in a road show in the UAE that saw former UK Prime Minister David Cameron promoting the project as the next big investment in Asia. China has also placed Sri Lanka prominently in its Belt and Road Initiative (BRI), which would see Chinese businesses/investors also exploring opportunities in the Colombo Port City. Given the growing opportunities in the Colombo Port City project, foreign businesses/investors could confidently explore the growing opportunities in the project.
| Article Code : | VBS/AT/20231102/Z_4 |