Colombo Port City – Projecting Sri Lanka as the newest commercial landscape in Asia - says Veemansa Initiative - Adaderana Biz English bizenglish.adaderana.lk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizenglish.adaderana.lk Daily Mail and Mail on Sunday newspapers.
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Sri Lanka unveiled draft legislation for a Colombo Port City Commission which allows for sweeping tax breaks, tax-free salaries and be an offshore financial centre
Earlier this month US Ambassador had warned the country of unintended consequences of `nefarious actors` who may try to misuse a Colombo Port City`s easy business rules
Colombo: Amid the controversy surrounding the China-backed Port City in Colombo, Sri Lanka Minister of Justice Ali Sabry has said the government owns 100 percent of the land and the project has been initiated to bring investment in the special financial zone.
Addressing a media briefing on Sunday (April 18), Minister Sabry said the total area of the investment zone is 269 hectares and 91 hectares for public facilities and cannot be given to the project company, The Colombo Page reported.
Veemansa Initiative, an independent think tank
recently held a Webinar on the proposed Colombo Port City Economic Commission
Bill and related subjects.
Based
on the deliberations at the webinar and the follow-up analysis, it was evident
that the Colombo Port City Project, a 100% foreign investment venture plans to
attract a diverse group of secondary investors.
A
prime target of the project is the financial sector in order to project Sri
Lanka as an internationally competitive Financial Centre.
In
this regard, the establishment of regional headquarters of international
banking giants and other financial sector enterprises is expected to be
realized in the initial stages.
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Colombo (News 1st); The United States of America and India are attempting to sabotage the Colombo Port City Project, alleged Sri Lankan State Minister Jayantha Samaraweera on Monday (19), the latest Sri Lankan ruling party member to hit out at the US over the Colombo Port City project.
“Their agents are in play in Sri Lanka to sabotage this project,” said the State Minister adding the US had gone to extent of claiming that the Colombo Port City will become a hub for money laundering.
The State Minister said the Colombo Port City is essential for Sri Lanka and it will become a turning point for the country.
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