Port City Colombo to become a gateway to South Asia
The newly reclaimed land of 269 hectares in the heart of the Colombo Business District in Sri Lanka has been identified as a Special Economic Zone (SEZ) by the Sri Lankan Parliament, paving the way for the creation of an International Business and Multi Services hub for South Asia called the Port City Colombo. The Colombo Port City Economic Commission Bill sets a stable policy environment and an efficient framework of administrative processes. The bill significantly enhances ease of doing business through a single window facilitation, streamlined arbitration mechanism and globally benchmarked incentives.
Slated as the ‘Gateway to South Asia’, the project is a Public Private Partnership between the Government of Sri Lanka and project company CHEC Port City Colombo. Port City Colombo is situated alongside the Port of Colombo, which is ranked as the World’s 18th best connected Port, and is designed to strike a virtuous balance between commercial, residential and retail spaces.