Browns Investments’ Colombo Marina Development (Private) Limited has been officially designated as a primary venture with strategic development status under the Colombo Port City Economic Commission Act. This designation, approved by President Ranil Wickremesinghe, who also serves as the Minister of Investment Promotion, qualifies the venture for a range of exemptions and incentives.
The Cabinet of Ministers has approved this designation, which will enable Colombo Marina Development (Private) Limited to benefit from the Grant of Exemptions or Incentives to Businesses of Strategic Importance – Regulations, No. 2 of 2023.
The venture, a unit of LOLC Group, has secured four plots within the Colombo Port City area for its ‘Recreation Port’ (Marina) project. This development will feature facilities for 243 marine vessels, guest clubs, dining and retail outlets, recreational areas, event spaces, and parking.
The Government Information Department highlights that this project aims to enhance Colombo’s maritime infrastructure and recreational offerings.