Cabinet approval to draft Port City Commission Bill

Cabinet of Ministers has approved the proposal to draft Colombo Ports Commission Bill in accordance with the structure desired by the Government to meet national requirements and to attract foreign investments.

The proposal has been tabled by President Gotabaya Rajapaksa, the Department of Government Information said.

Relevant decision was taken as the attention has been focused on making the Colombo Port City a Specialized 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 "Vistas of prosperity and Splendour" the current Government Policy Statement.

For this purpose, it is necessary to create an active environment that can 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.