Economics

Port City Economic Act Amendments Approved to Boost Global Competitiveness

The Cabinet of Ministers has approved a proposal from the President, in his capacity as the Minister of Investment Promotion, to instruct the Legal Draftsman to prepare a bill for amending the Port City Economic Commission Act No. 11 of 2021. The amendments aim to enhance the global competitiveness of the Port City by addressing and removing existing obstacles to business operations as identified by prospective investors.

The necessity for these amendments has been recognized to maximize the feasibility of the Port City as a globally competitive specialized economic zone. These changes will eliminate obstructions that have previously hindered the commencement of business operations.

The Colombo Port City is being established as a service-oriented special economic zone, covering 269 hectares of land reclaimed from the ocean.