COLOMBO, 28 May, 2021, (TON): The newly reclaimed land of 269 hectares in the heart of the Colombo Business District in Sri Lanka has been identified as a Special Economic Zone (SEZ) by the Sri Lankan Parliament, paving the way for the creation of an International Business and Multi Services hub for South Asia called the Port City Colombo.

Speaker Mahinda Yapa Abeywardena on May 27, has signed, validating the Colombo Port City Economic Commission Bill which was passed in Parliament on the 20th May 2021.

The Colombo Port City Economic Commission bill significantly enhances ease of doing business through a single window facilitation, streamlined arbitration mechanism and globally benchmarked incentives.

Slated as the 'Gateway to South Asia', the project is a Public Private Partnership between the Government of Sri Lanka and project company CHEC Port City Colombo. Port City Colombo is situated alongside the Port of Colombo, which is ranked as the World's 18th best connected Port, and is designed to strike a virtuous balance between commercial, residential and retail spaces.