Q: What makes your organisation unique?
A:As an SEZ governed by the Colombo Port City Economic Commission (CPCEC), Port City Colombo will present a low risk financial environment that enhances the ease of doing business for global investors in Sri Lanka, whilst being economically ring-fenced against domestic macroeconomic challenges.
This foreign direct investment (FDI) destination also showcases a thriving commercial ecosystem, enabling a diversity of businesses to set up operations against the backdrop of transactions in 16 different international currencies with no capital or exchange controls, 100 percent foreign ownership and fiscal incentives for 25 plus years.
PCC would also be home to Sri Lanka’s first ever marina, premium retail and lifestyle offerings, an integrated resort, an energetic financial district and more.
Q: How does your organisation ensure ‘corporate respect’?
A: Port City Colombo is considered to be a project of national importance, poised to redefine Sri Lanka’s economic and societal landscapes throughout the next few decades.
Our organisation serves a diverse variety of stakeholders, ranging from prospective investors and regional corporates to the general public and local authorities. Therefore, we adhere to principles of openness, trust, and corporate and social responsibility across all our business operations.
Since 2014, China Harbour Engineering Company (CHEC), the primary developer, has invested a total of US$ 1.4 billion in the Port City Colombo project to date with phase one of the infrastructure development slated for completion in 2024.
CHEC demonstrates a world renowned background in the design and construction of ports and bridges, dredging, container cranes and heavy machinery manufacturing. It is a subsidiary of the China Communications Construction Company (CCCC).
Throughout all ensuing phases of the project – including the land reclamation phase, which was completed in 2019 – we have consistently been engaging with world renowned consultants in real estate development, engineering, urban architecture, legislation and finance.
We underscore the significance of assuring a consistent and stable policy environment, which provides built-in safeguards for current and future investments. The Colombo Port City Economic Commission Act of 2021, which was approved by the Government of Sri Lanka, places a focus on the ease of doing business in the SEZ.
In collaboration with the CPCEC – the regulatory authority, and single window investment facilitator for corporate governance, operational matters and dispute resolution – the policies of this SEZ incorporate legal and contractual provisions, such as the stabilisation/economic equilibrium clause.
This protects prospective investors from negative financial implications due to potential changes in the laws in the future.
Q: How will the project contribute to Sri Lanka’s economic future?
A: Port City Colombo’s predominant aim is to be the engine of Sri Lanka’s future economic development, and a regional business and financial hub that drives demand for both international corporate relations and top talent in South Asia.
Our projected contribution to the Sri Lankan economy will come through two primary means: direct employment creation and the stimulation of increased FDIs.
As indicated in PwC’s Economic Impact Assessment Report 2021, PCC will create approximately 143,000 direct jobs across diversified sectors once fully operational, attracting both local and international skilled professionals, and potentially resulting in increased ‘brain gain.’
Port City Colombo will further generate an estimated US$ 15 billion worth in FDIs, either through land development investments or business set-up and investments.
QUICK-FIRE ROUND
Three vital ingredients that earn corporate respect
Transparency and integrity
Respect for the needs of stakeholders
Adherence to social responsibility and sustainability
Three global organisations that you respect
Keppel
Shangri-La Group
Alibaba Group Holding
With a strategic focus on fostering a service economy, centred on thrust sectors including shipping and logistics, IT and information technology enabled services (ITES), finance, hospitality and tourism, Port City Colombo aims to encourage growth in FDI inflows and transform Sri Lanka into a global investment destination.
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