An investor event showcasing the Port City Colombo Special Economic Zone was recently held at the Sri Lanka High Commission in the UK.
It was organized by the project company, CHEC Port City Colombo (Pvt) Ltd in association with the High Commission and the Commonwealth Enterprise and Investment Council (CWEIC), in which the project company is a strategic partner.
High Commissioner Saroja Sirisena stressed that Sri Lanka has a long history of strong ties with the UK, particularly in areas such as education, welcoming a diverse group of participants including business leaders, individuals wealthy and private investors.
Sir Hugo Swire, Vice President of CWEIC, pointed out that the port city offers many opportunities for Sri Lanka to significantly benefit from trade and internationalization, thus contributing to a rapid recovery from the economic situation prevailing in Sri Lanka. Lanka. He also pointed out that there are many opportunities for a wide range of investors as the port city comes to fruition, given the strategic location, business-friendly policies and exceptional infrastructure that is
in development.
The purpose of the event was to publicize the Multi-Service Special Economic Zone established by the Colombo Port City Economic Commission Act No. 11 of 2021 in May 2021. Thulci Aluwihare, Deputy General Manager of CHEC Port City Colombo, in his presentation highlighted the many business friendly provisions in the legislation which increase the ease of doing business in Sri Lanka.
While inviting investment to Port City, Aluwihare also spoke of the opportunity for Port City to work with the Board of Investment (BOI) with the aim of reviving the Sri Lankan economy by attracting foreign direct investment in the sectors of manufacturing and services.
Aluwihare underscored the need to strengthen Sri Lanka’s commitments to investor protection in this difficult economic situation and highlighted the relevant legal provisions providing protection to investors in accordance with the recently enacted Port City Economic Commission Act of Colombo.
He stressed the need for the port city to be economically isolated to insulate businesses and investors from the macro-economic challenges of the national economy. It is important to inspire investor confidence and regulations are currently being developed by the Economic Commission of the Port City of Colombo to affirm this position,
he said.
Dr. Harsha Alles, Chairman of Gateway Group, which has entered into a Memorandum of Understanding with the Colombo Port City Economic Commission and CHEC Port City Colombo to facilitate the development of a cutting-edge international school in Colombo, handed light on the rigorous process followed in this regard, assisted by Oxygy – pedagogical advisers in
Great Britain.
He said that while many reputable schools in the UK have expressed interest in establishing Port City, the aim of the consortium of investors is to select the institution that offers the most holistic student experience. He invited the participating investor community to join the investment consortium pioneering the entry of a renowned UK-based education brand into
South Asia.