Colombo Port City Economic Commission Bill

COLOMBO (News1st): The Colombo Port City Economic Commission Bill covering several matters surrounding the Port City that is currently under construction was published this week. The Colombo Port City Economic Commission Bill had been published upon the orders of the President covering at least 8 matters surrounding the Port City. According to the bill, the government has decided to establish a Special Economic Zone aimed at attracting investments and providing the necessary services and facilities required on the economic front. All matters concerning administration and regulation of operations taking place within the Colombo Port City will be handled by the Colombo Port City Economic Commission, the bill added. The commission will function as the sole point of contact for investors and will be empowered to grant registrations, licences and authorizations, to carry out businesses and other activities in the area. Businesses in the Port City that are recognized as those of "Strategic Importance" upon consulation with the President or the relevant minister, will be offered tax exemptions and incentives under the law. The proposed legislation would also see the establishment of an International Commercial Dispute Resolution Centre in the Port City to offer dispute resolution services. Furthermore, the bill is vested powers with the Colombo Port City Economic Commission to promote urban amenities with the settlement of a residential community and to obtain possession of commercial residential facilities.