Colombo Port City Economic Commission Reports Progress

Posted on the 12 January 2022 by Frontpage
The Colombo Port City Economic Commission is sharing a progress report with the public, local and international stakeholders, covering the Commission and the Colombo Port City project activities in the 6 months since the Commission was set up in June 2021 by the President of Sri Lanka, Gotabaya Rajapaksa.

The Colombo Port City, is an exclusive, mixed development project in South East Asia, aimed at building a greener and smarter city. The project marks the beginning of an era of development in keeping with the Vision of “Building a World-Class City for South Asia.”

* Received 31 out of the 74 land plots technically completed by the Project Company to the Commission.

* Released 6 plots out of the 31 on a 99-year lease basis, generating USD 200 million in sales revenue with a collective investment commitment of USD 600 million.

* Earned income to the Commission to fully reimburse the LKR 400 million advance received to set it up.

* Commenced construction of the region’s first Downtown Duty-Free (DF) mall, for operation by two of the world’s leading DF operators, positioning the Colombo Port City as a regional shopping destination.

* Appointed an accounting firm of international standing to manage the finances of the Commission and the Commission Fund.

* Appointed an audit firm of international standing to perform the Statutory Audit of the Commission and the Commission Fund.

* Offered the International Commercial Dispute Resolution Centre to international operators under a MOU with the Ministry of Justice of Sri Lanka.

* Engaged world-class advisory firms to develop suitable policies and procedures for identified thrust sectors, and to design best-in-class regulations in both fiscal and non-fiscal areas.

* Short-listed final interviews for international recruitment of Director-General candidates.

* Incorporated Special Port City designated shell companies for smooth investor transfers.

* Established designated bank licensing terms (allowing secure, unrestricted foreign currency accounts for investment in the Port City.

* Expedited Approval, Investor Agreement and Licensing processes for Potential Investors and Authorized Persons.

* Completed Special Port City e-business and Virtual City concept and submitted same for peer review to the Government of Sri Lanka.

* Identified all 74 primary development plots as Businesses of Strategic Importance, entitled to the maximum benefits permissible under Section 52 of the CPCEC Act.

* Designed a streamlined Customs process for clearing of both capital goods and consumables into the Port City.

* Initiated Single Window Facilitation discussions with relevant Government Departments, and provided as a pilot project full service (Port Health, Immigration, Customs, and International Ship and Port Facility Security Code) to Port City’s first super-yacht “Kalizma” arrival at the international marina on-site.

* Partnered with a leading global technology company to deploy a state-of-the-art digital platform for all-inclusive investor engagements.

* Collaborating with SLASSCOM to brand IT/KPO as a thrust sector for the Port City by developing policies conducive to attracting world-class technology companies to invest in the Port City and to partner with Sri Lankan companies for maximum knowledge creation, transfer and export centred around a “Colombo Tech City” concept promoting the Nation’s Drive of creating Sri Lanka into a Green IT Hub.

* Facilitated numerous international promotional events (Red Bull Outrigged 2021, FIFA Federation Chairman and Delegation visit, LPL Cricket launch, Asia Rugby President and Delegation visit) and licensed several other ongoing temporary activities, thereby enhancing the visibility of the project.

* Conducted internal and external sustainability workshops to raise the standards in differentiating the Port City as a climate-friendly city of the future.

* Engaged Sri Lankan Airforce on, flight control management for commercial and emergency (rotorcraft-vertical) flight movement to and from the Port City.

* Conducted a feasibility study with the Sri Lankan Navy on defining management protocols for sea access and concerning the internal waterways of the Port City.

The absence of restrictive exchange controls, a preferential tax system with zero tax on personal income, remuneration in foreign currency (FC), and flexible long-term visas for foreign workers and their families coupled with the Sri Lankan lifestyle has generated significantly in the project from international investors.

The establishment of the Colombo International Financial Centre in February 2022 and associated exchanges will soon stimulate the flow of FC through the Port City, creating employment and adding substantial value to the broader economy over time.

Our current focus is on identifying and creating compelling value propositions in physical infrastructure development, banking and financial services, knowledge export and other key sectors, targeting reputed anchor investors in each.

The Commission strives for transparent and efficient processes in setting up businesses, condominium ownership, gaming and leisure activities and city management that will be globally competitive, and welcomes all input towards achieving its objectives.

This is a release from The Colombo Port City Economic Commission (CPCEC)