ICCSL says Port City will be significant for Sri Lanka

Tuesday, 27 April 2021 00:45 - - {{hitsCtrl.values.hits}}

ICCSL Chairman Dinesh Weerakkody

The International Chamber of Commerce Sri Lanka (ICCSL) in a statement yesterday said the Port City project would have a significant impact on the economy in terms of much-needed FDIs to the country together with the potential new employment and trade opportunities that the project will generate over time.

“Special Economic Zones similar to this proposed Port City have been successfully established in many countries worldwide to attract foreign direct investment. The Port City Commission Bill that aims to provide for a Special Economic Zone to establish a commission to grant registrations, licenses, and other approvals to operate business in such economic zones underpins the governance of the Port City and is an essential requirement to be in place, for its success,” the statement noted.

ICCSL Sri Lanka Chairman Dinesh Weerakkody said: “To ensure its success concessions given would need to be in line with similar concessions given by other competing countries for such Special Economic Zones.”

He however noted that the several concerns raised, including the composition of the Commission, must be addressed before the Bill becomes law.

ICCSL is a national Committee of the International Chamber Commerce (ICC). Globally, ICC represents over six million member companies and over 43 million members globally in over 130 countries. ICC’s founding mission is to promote widespread peace and economic prosperity.