Port City Colombo is to be positioned as an alternate location to Singapore and Dubai with its cost competitiveness and attractive quality of living, Thulci Aluwihare, Deputy Managing Director of CHEC Port City Colombo (pvt) Ltd said.
Former Prime Minister of the United Kingdom, David Cameron, visited Port City Colombo development project during a private trip to the island.
Cameron engaged in a discussion with Reyaz Mihular – Commission Member and Vindhya Weerasekera – Director Legal and Corporate Affairs of the Colombo Port City Economic Commission; Yang Lu – Managing Director of CHEC Port City Colombo (Pvt) Ltd. to understand aspects of the Public Private Partnership and catalytic role of the Project in transforming the economy. Renuka Weerakoon – Director General, BOI was also present at the meeting.
Briefing the former PM, Aluwihare explained that the ambition is to create a destination appeal for businesses to leverage Port City Colombo as a platform to access the region. Further, coupled with an attractive regulatory regime, Port City Colombo will be positioned as an alternate location to Singapore and Dubai with its cost competitiveness and attractive quality of living.
In response to Cameron’s inquiry on the USPs of the Project against similar destinations in South Asia, Mr. Aluwihare explained that Port City Colombo offers beyond a geographical advantage, with a comprehensive package of fiscal and non-fiscal incentives to enhance ease of doing business.
The Commission is a Single Window Investment Facilitator with the ability to implement dynamic regulations, liberal foreign exchange regime, an open labour market and attractive investment incentives. In addition, as Sri Lanka’s first master planned city, Port City Colombo will create an attractive living environment focused on green and smart living.
Cameron’s visit to the Project Site was in view of fostering greater cooperation on promoting Port City Colombo to potential investors. He was also the first high-level delegate to visit the Port City Colombo development project in 2023.
