Wednesday Sep 16, 2026
Wednesday Sep 16, 2026
Wednesday, 16 September 2026 00:26 - - {{hitsCtrl.values.hits}}
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| Cabinet Spokesman and Minister Dr. Nalinda Jayatissa |
The Cabinet of Ministers on Monday approved designating Prime Melva Ltd., as a primary business of strategic importance under the Colombo Port City Economic Commission Act, No. 11 of 2021, paving the way for the company to receive exemptions or incentives tied to its planned waterfront development in the Colombo Port City.
Under Section 53 of the Act, provisions exist for designating a business as being of strategic importance and for granting it corresponding exemptions or incentives, subject to Cabinet approval.
“Prime Melva has proposed an investment of $ 112.2 million and Rs. 15.9 billion over the coming years to implement a landmark mixed-use waterfront project within the Port City, expected to generate employment for around 800 people,” Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said at the weekly post-Cabinet meeting media briefing yesterday.
He said the proposal, submitted by President Anura Kumara Disanayake in his capacity as the Finance, Planning and Economic Development Minister, to grant the relevant exemptions and incentives to Prime Melva and formally designate the company’s business as being of strategic importance, was approved by the Cabinet of Ministers at their meeting held on Monday.
When asked Dr Jayatissa how criteria are determined for selecting such companies and the benefits granted to them, he said the designation of a business as being of primary strategic importance is carried out under the provisions of the Colombo Port City Economic Commission Act.
Noting that several similar projects have been announced in the past, the Cabinet Spokesman said definite details on the selection criteria, procedures and specific tax concessions were not immediately available, but assured these would be provided next week if required.
