Cabinet nod for Legal Draftsman to prepare Colombo Port City Commission Bill

Wednesday, 6 January 2021 00:22 -     - {{hitsCtrl.values.hits}}

The Cabinet this week gave approval for the Legal Draftsman to prepare the Colombo Port City Commission Bill in accordance with the structure desired by the Government to meet national requirements and in a way that can attract international investors.

The move is a follow-up to efforts to make the Colombo Port City a Specialised Economic Centre with a wide scope of service to the Indian subcontinent and Southeast Asia, and an excellent regional hub aimed at a service economy in line with the Government’s ‘Vistas of prosperity and Splendour’ Policy Statement. 

Cabinet this week agreed that for this purpose, it was necessary to create an active environment that could compete with investment hubs such as Dubai, Singapore, and Hong Kong, by attracting investors, entrepreneurs, innovators, companies, financial institutions through a well-structured and competitive legal, tax and regulatory, and dispute resolution mechanism. 

The proposed Colombo Port City Commission will facilitate this and the Bill by the Legal Draftsman will give legal effect once passed via an Act of Parliament.