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
Port City Colombo is playing a pivotal role in accelerating the development of Sri Lanka’s IT industry, aligning with the Government’s ambitious goal of creating a $15 billion digital economy by 2030. As the country aims to establish itself as a leading tech hub in South Asia, Port City Colombo is focused on attracting major
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
Nine Sri Lankan banks, along with the Bank of China, have shown interest in establishing branches within the Colombo Port City, according to Chief Operating Officer of the Colombo Port City Economic Commission, Revan Wikramasuriya. Recently, Sri Lanka has introduced new regulations governing banking operations within this special economic zone. These banks will be regulated
Approximately 300 businesses have expressed interest in establishing operations within Sri Lanka’s Colombo Port City Special Economic Zone, with around 50 applications currently being processed, according to State Minister for Investment Dilum Amunugama. To date, the cabinet has approved approximately 20 firms. The Colombo Port City Commission is responsible for approving significant investments, categorizing them
A third international duty-free operator is considering entering Sri Lanka’s Port City Colombo, following the recent cabinet approval for two operators to establish themselves in the special economic zone. China Duty Free and One World Duty Free have been designated as businesses of secondary strategic importance by the Cabinet of Ministers. “Our partners are now