Sri Lanka’s Port City to set up dedicated dispute resolution center
CHEC Port City Colombo (Pvt.) Ltd. Assistant Managing Director Thulci Aluwihare has reportedly stated that a dispute resolution centre is expected to be established within Sri Lanka’s Colombo Port City (CPC).
He has reportedly made this observation during the first plenary session, titled “Port City Colombo – the gateway to South Asia,” of the virtually-held Sri Lanka Investment Forum 2021.
The aforesaid resolution centre will be established to resolve commercial disputes that arise with regard to operations within the Port City, he has reportedly explained.
According to local media reports, the CPC dispute resolution centre would also be given the power to determine any type of commercial case in Sri Lanka, and would accordingly appear for tax appeals and small claims, as well as at the Commercial Appeal Court in a dispute situation.
Aluwihare has noted that CHEC Port City Colombo (Pvt.) Ltd. aims to build a “world class city for South East Asia.”
According to him, initiating the enhancement of the ease of doing business will further “augment the attractiveness of the country in doing business in comparison to major hubs such as the ones at Singapore, Hong Kong, and Dubai.”
Further, Sri Lanka, having been ranked as having the most affordable “tech talent ” in the Asia-Pacific Region, has deliberately created the pathway for such investments, Aluwihare has been quoted as saying, while adding that Sri Lanka has a “plethora” of investment opportunities with a place “to work, to live, and to play”.
The CPC project is Sri Lanka’s largest public-private partnership project with the People’s Republic of China, with an investment value of US$ 1.4 billion.
Sri Lanka’s Port City project is aimed at taking the country to the next level of development. Sri Lanka is fast becoming a business hub in the South Asian region given it’s geographical positioning in the Indian ocean and the many trade agreements as well as trade concessions enjoyed by the country. With Sri Lanka figuring prominently in China’s belt and road initiative (BRI) the Colombo Port City once completed will serve as a key financial hub in the region. It is due to this factor that the Colombo Port City is being included with all laws and regulations to make it more attractive to the foreign businesses/investors.
|Article Code :||VBS/AT/20210617/Z_4|