The Sri Lankan government is setting the stage for Colombo Port City to become a global hub for IT and Business Process Outsourcing (BPO) firms, supporting its vision to develop a USD 15 billion digital economy by 2030. Modeled after Dubai and Singapore, the Port City’s regulatory framework now includes competitive tax breaks, provisions for
The Sri Lanka-Canada Business Council (SLCBC) held a crucial briefing with Prime Minister Dr. Harini Amarasuriya on October 10, 2024, in Colombo, as part of their preparations for an upcoming mission to Canada. During the session, the SLCBC delegation outlined their key goals to strengthen trade, investment, and economic ties between Sri Lanka and Canada.
The Ambassador of the Republic of Korea, Miyon Lee, paid a courtesy visit to President Anura Kumara Dissanayake at the Presidential Secretariat on October 9th. The meeting marked a significant step in strengthening the bilateral relations between Korea and Sri Lanka. Ambassador Lee congratulated President Dissanayake on his inauguration and extended best wishes from Korean
Port City Colombo announced that Parliament officially passed two key offshore banking regulations, Offshore Banking and Offshore Banking – Prudent Management and Confidence, on September 4, 2024. This significant development aligns with Port City Colombo’s ambition to establish itself as a prominent regional financial centre, attracting increased Foreign Direct Investment (FDI) into Sri Lanka. Seven
Port City Colombo has reached a key milestone, successfully onboarding over 100 companies as Authorised Persons (APs) by 24 August 2024. These companies span a wide array of sectors, including IT, finance, logistics, shipping, healthcare, tourism, real estate development, and global capability centres. This development positions Port City Colombo as a crucial player in attracting
At a recent Business Dialogue event hosted by the Advocata Institute at Queens Hotel Kandy, Prof. Sirimal Abeyratne emphasized the need for Sri Lanka to significantly increase its annual export volume, which has stagnated at around USD 12 billion since the onset of the open economy in 1977. Prof. Abeyratne compared Sri Lanka’s export performance
Sri Lanka has secured Foreign Direct Investment (FDI) agreements totaling $800 million for 35 projects in the first quarter of 2024, according to Investment Promotion State Minister Dilum Amunugama. In a recent interview with Derana TV, Amunugama highlighted that in 2023, Sri Lanka signed FDI agreements worth $1.2 billion following its engagement with the International
Samagi Jana Balawegaya (SJB) MP Eran Wickramaratne has raised significant concerns in Parliament about the obstruction faced by Puttalam Ilmenite Ltd. (PIL) in accessing land owned by the Sri Lanka Cement Corporation (SLCC). PIL has invested over $20 million over the past decade and is now facing hurdles that threaten a $100 million investment—the largest
The Qatar Sri Lanka Business Council was officially launched in Doha, marking a significant milestone in the strengthening of economic ties between Qatar and Sri Lanka. The event, held in the presence of Sri Lankan Ambassador to Qatar Mohamed Mafaz Mohideen, Qatar Sri Lanka Business Council President John Prasad, and other dignitaries, underscored the council’s