Port City Archives

March 28, 2024

Sysco LABS recently concluded its inaugural Tribal Karting Tournament held at the SpeedBay Circuit – Colombo Port City.

The event showcased 8 tribes battling it out on the track for 3 exhilarating rounds of racing, culminating in a thrilling finale where the Florida Falcons emerged as undisputed champions, with the Texas Tigers and Ohio Orcas securing their positions as runners-up.

Menusha Munasinghe and Pabasari Jayasundera were named the fastest drivers of the day, demonstrating exceptional speed and precision on the track.

The tournament was organized by the Sysco LABS Ministry of Fun, a colleague-led social club that fosters the pursuit of hobbies and passions, building camaraderie and engagement.

December 13, 2023

Sri Lanka’s largest private sector bank, the Commercial Bank of Ceylon PLC was recently issued an Authorised Person (AP) license to offer offshore banking services within the Colombo Port City, the 269-hectare special economic zone (SEZ), tasked with establishing a premier multi-currency international business and financial services hub that will transform the country’s economic landscape.

The AP licence was presented to the Bank by the Colombo Port City Economic Commission, paving the way for Commercial Bank to operate within and from the precincts of the Colombo Port City, offering banking services to investors as well as customers.

Commenting on being selected as one of the first banks to be authorised to operate in the special economic zone, Commercial Bank Managing Director/CEO Mr Sanath Manatunge said: “As the only private sector bank in Sri Lanka to be designated by the Central Bank as a higher-tier Domestic Systemically Important Bank or D-SIB, Commercial Bank is best positioned to serve the financial needs of the entities that are expected to establish a presence in the Colombo Port City. We have extensive experience in responding to the requirements of corporates and international clientele and have highly-advanced world-class digital banking platforms that serve corporate as well as retail banking needs, and look forward to playing a lead role in facilitating the growth of the Colombo Port City.”

Commercial Bank has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar and a fully-fledged Tier I Bank with a majority stake in the Maldives. The overseas operations of the Bank contribute a substantial portion of its profit.

Commercial Bank is Sri Lanka’s first carbon neutral bank, the country’s first bank to be ranked among the World’s Top 1000 banks, a leader in digital banking and the largest private sector lending institution in the country.

Comprising of five distinct precincts, with 178 hectares dedicated for city development and 91 hectares for public spaces including 40 hectares of green spaces and beach, the Colombo Port City is projected to be a US$ 15 billion investment on completion, creating 143,000 new jobs and accommodating a population of 273,000.

Commercial Bank operates a network of 271 branches and 964 automated machines in Sri Lanka, is the largest lender to country’s SME sector and a leader in digital innovation in the country’s Banking sector.

December 8, 2023

Becomes one of the first banks granted an Authorized Person License to operate in the Colombo Port City Special Economic Zone
Geared to provide integrated, state of the art, customized banking solutions
Commits to providing end-to-end facilitation of financial needs for business operating in Port City Colombo

Breaking new ground on the nation’s economic revival, Sri Lanka’s leading private sector bank, HNB PLC became one of the first bank’s to be granted an Authorized Person (AP) License to operate within the Colombo Port City Special Economic Zone (SEZ)

Port City Colombo is a master planned city designed with smart city concepts. The city has been positioned as the regions modern service hub and financial centre of the future providing the highest quality in commercial, lifestyle and living opportunities. It has been designed with five unique precincts which are Island living, Central Park living, The Marina, International Island and the Financial District. Port City Colombo spans a total land area of 269HA which is an extension of Colombo’s Central Business District and has a total built up area of 6.4Mn SQM. The expected population in the City is 273,000 people, creating 143,000 new jobs and total expected investment is USD15Bn. Approved by Sri Lanka’s Parliament, the Port City Commission Bill sets the stage for a transformative Colombo Port City Special Economic Zone, offering tax exemptions for up to 25 years—a compelling reason for international businesses to migrate their operations paving the way to attract milestone investment and global talent to complete the nation’s economic resurgence.

Asia Pacific region remains a key driver of global growth in 2023 and is expected to contribute two thirds of global growth. Sri Lanka sits at the center of all major sea routes connecting the rest of the world with Asia. “By blending the best that Sri Lanka has to offer with the world’s leading brands in finance, healthcare, education, leisure, hospitality, Port City Colombo will establish a South Asian focal point for services exports in a truly global scale.

“Banks such as HNB have a critical role to play in ensuring that this development reaches its maximum potential, by providing truly world-class integrated banking solutions that supports all businesses who invest and operate in Port City Colombo” HNB Managing Director/CEO, Jonathan Alles stated.

The AP License was granted to HNB by the Colombo Port City Economic Commission following a series of strict evaluations, legal and preliminary regulatory approvals.

“As a heritage brand within the Sri Lankan economy, we have been present at the inception of every major pillar of the nation’s economic development. We are proud to continue that legacy today, as one of the first bank’s to receive preliminary approvals to operate within the Port City Colombo. As a systemically important bank that is deeply integrated with all facets of the domestic economy, we see Port City Colombo opening-up unprecedented opportunities for the nation, and its corporates.

“With the extensive organizational and digital transformation that HNB has undergone over the past decade, we now stand ready to harness our advanced capabilities to help enable investment and growth across Port City Colombo by providing globally competitive banking and financial services to all businesses who hope to operate within this Special Economic Zone. In this manner we aim to help raise Port City Colombo to compete on par with financial hubs in the likes of Dubai, Singapore and Hong Kong, while harnessing the unique strengths of South Asia, to create a new global benchmark in services export,” HNB Deputy General Manager – Wholesale Banking Group, Damith Pallewatte said. .

December 8, 2023

Authorised Persons (AP) License & Certificate of Registration as an Off-shore Company were ceremonially handed over

Colombo, Sri Lanka – December ,7 2023: Sampath Bank PLC, the trailblazer in banking industry of Sri Lanka proudly announced their first step in getting qualified as an Authorised Person and to be permitted to engage in offshore banking business in and from the area of authority of the Colombo Port City by receiving the Authorised Persons (AP) License from Colombo Port City Economic Commission (CPCEC) and Certificate of Registration as an Off-shore Company from Registrar General of Companies. This is the first milestone after the receipt of Monetary Board concurrence in 2022 for the issuance of a banking license to engage in business under the Colombo Port City Economic Commission Act, No 11 of 2021.

The AP License, AP Agreement and Certificate of Registration as an Off-shore Company were ceremonially handed over by Chairman – CPCEC, Mr. Dinesh Weerakkody to Mr. Harsha Amarasekera PC. Chairman – Sampath Bank PLC in the presence of Bank’s Managing Director, Mrs. Ayodhya Iddawela Perera, on 07 December 2023 at the office of CPCEC, One Galle Face, Office Tower.

On the occasion of the handover, Mr. Amarasekera said that “Sampath Bank is geared to facilitate the financial ecosystem within the Colombo Port City by serving the investors and businesses from all economics and particularly from the regional economies. This milestone will pave the way forward in the Banks expansion drive for investment in strategic locations by serving international businesses and offering tailor made services backed by state-of-the-art technology, while contributing to the advancement of the national economy”.

“We have designed a range of offshore banking products and services that can elevate Bank’s local presence to global as we focus on new business opportunities being created through Special Economic Zone at Colombo Port City. We started early by serving Investors and Authorised Persons in Colombo Port City foreign currency zone within regulated framework and look forward for facilitation of diversification and bolster a service economy” said Bank’s Managing Director.

Sampath Bank offers full gamut of modern banking products and services for Corporates, Small and Medium-sized Enterprises and Retail customers through the network of island-wide established 229 branches. The principal activities of the Bank already includes corporate and retail lending, offshore project financing, trade financing, treasury and investment services, resident and non-resident foreign currency operations including array of digital banking services, inward-outward remittance facilities, travel related services, issuance of local and international credit and debit cards and dealing in government securities.

November 10, 2023

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“Invest Sri Lanka – Retire Sri Lanka” – an event focused on attracting investment to Sri Lanka was held in Singapore, recently. The event served as the backdrop for the signing of a Memorandum of Understanding (MoU), between Port City Colombo and the Singapore Sri Lanka Business Association.

“Invest Sri Lanka – Retire Sri Lanka” was organized by the Singapore Sri Lanka Business Association (SLBA) with the valuable support of the High Commission of Sri Lanka in Singapore. This event provided a platform for in-depth discussions on investment opportunities in Sri Lanka, particularly in burgeoning sectors such as technology, real estate, healthcare, sustainable agriculture, and manufacturing. It also addressed the critical questions and concerns of those considering Sri Lanka as a destination for travel, investment, or retirement.

Notably, the event featured distinguished speakers, including Dr Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, and Mr Ahamed Razee, Acting High Commissioner of the High Commission of Sri Lanka in Singapore, who played key roles in presenting valuable insights and perspectives. Thulci Aluwihare, Deputy Managing Director of Port City Colombo, presented the investment opportunities within the Port City Colombo Special Economic Zone with a special focus on thrust sectors such as information technology and business process outsourcing (IT/BPO) sector. Together, their insights shed light on the opportunities awaiting investors in Sri Lanka’s high-growth sectors.

At the official signing of the MoU, representing the SLBA were, Lakshanthi Fernando, President; Sharlyn Stafford, Secretary; Senaka Tiranagama, Past President; and Angelo Perera, Past President. Port City Colombo was represented by Thulci Aluwihare, Deputy Managing Director; Radika Obeyesekere, Director Investment Promotions and Marketing, Stan Li, General Manager – Investment Promotions and Marketing; and Shalaka Wijeratne, Executive Director – Investment Promotions and Marketing.

Port City Colombo’s cosmopolitan lifestyle, world-class infrastructure and sustainable living environment were also showcased under the forum’s “Retire in Sri Lanka” segment with heightened interest expressed by the Sri Lankan diaspora. Presenting the Cinnamon Life proposition was Nayana Mawilmada – Head of the Property Group of JKH.

Port City Colombo’s next phase of development is driven by a five-year plan aimed at revitalizing Sri Lanka’s economy through FDIs. This plan calls for a substantial $5.6 billion in FDI, a move that will position Sri Lanka as a leader in the global service export market. The SEZ also aims to contribute a staggering $13.8 billion to Sri Lanka’s annual GDP and generate over 140,000 direct job opportunities. During the construction phase, a projected fiscal revenue of $1.7 billion is expected, with an annual recurring revenue of about $700 million during the operational phase.

October 3, 2023

Representatives of top corporations in the UAE, accompanied by high-potential investors, property developers, hotel owners, and leaders in the hospitality and real estate industries, converged in the iconic settings of the Ritz Carlton in Abu Dhabi and the Armani Hotel at Burj Khalifa in Dubai to explore, understand, and assess the investment potential of Sri Lanka, with particular emphasis on the transformative Port City Colombo project. This elite gathering took place in the presence of the ruling families of the UAE, engaging in a structured conversation led by the Rt Hon David Cameron, former British Prime Minister, who outlined a compelling case for investing in Sri Lanka. The discussion was moderated by the Hon. Niranjan de S Deva Aditya, a former British and European MP currently serving as the Presidential Advisor to the President of Sri Lanka, the Hon. Ranil Wickremesinghe.

The event was held in partnership with Port City Colombo’s regulatory authority, the Colombo Port City Economic Commission, and the primary developer, CHEC Port City Colombo, with the invaluable support of the Sovereign Wealth Fund Institute, representing an astounding $12 trillion in assets.

Rt Hon David Cameron, the former Prime Minister of the United Kingdom, engaged the audience in an interactive session with his insights on the fast-evolving trade and investment trends in the South-Asian region, the role of the UAE, and the pivotal role of Port City Colombo in transforming the global business landscape.

Commenting on Sri Lanka’s recovery over the last few years, Cameron stated that while the country has had its share of challenges, these challenges have also presented ample opportunity, with Port City Colombo at the center of such opportunity. Further commenting on the UAE, Cameron stated, “The UAE is a good case for the potential that can be reached if the right environment is created. I strongly believe Sri Lanka has the potential to reach this, particularly at this point, with all the right reforms taking place and supported by the commitment of President Wickramesinghe.”

The event provided guests with a platform for a dynamic conversation characterized by insightful questions and thought-provoking responses between Cameron and Hon. Nirj Deva. Cameron’s deep understanding of the Port City project, its immense potential as a progressive Special Economic Zone (SEZ) in the heart of South Asia, and its significance on the regional and global stage shone through during these exchanges. His articulated compelling reasons for investing in Sri Lanka, and in particular, Port City Colombo.

The Commonwealth Union, representing 56 Commonwealth countries, played an integral role in this event in partnership with the Sovereign Wealth Fund Institute and the Khaleej Times. The UK-UAE Trade and Business Council, spearheaded by Rt Hon Alistair Burt, former UK Foreign Minister and Minister for the Middle East, also contributed significantly to the event’s success. The State Minister for Investment Promotion, Hon. Dilum Amunugama, and the Ambassador to the UAE, HE Udaya Indrarathna, represented Sri Lanka, while Seyed Ansar Moulana from the Investment Promotion Ministry played a crucial role in facilitating the investment forum in the UAE.

The progressive regulatory framework of Colombo Port City’s Special Economic Zone, which enhances the ease of doing business and is overseen by an all-Sri Lankan Commission, captured the attention of the investor community. Additionally, the multi-currency designated SEZ dedicated to the export of services coupled with attractive fiscal and non-fiscal incentives with in-built investor protection mechanisms were hailed for their transparency, efficiency, and accountability qualities, often elusive in other jurisdictions. Offering tax incentives up to 25 years with the passing of key regulations for “Businesses of Strategic Importance”, Port City is poised to offer investors an exceptional gateway to the rapidly expanding Indian market, just 40 miles away from Sri Lanka—a market boasting a staggering 1.4 billion consumers and unparalleled growth potential.

September 21, 2023

Port City Colombo is set to launch a Roadshow in the UAE showcasing investment opportunities and incentives for global investors. This significant event marks the initiation of a key global marketing drive, inviting investors from across the world to explore the diverse investment prospects available at PCC.

Former UK Prime Minister David Cameron will address an exclusive, closed-door forum on the strengthening ties between the UAE, Indo-Pacific region and the role of Sri Lanka in this new trend gaining increased momentum. The discussion will showcase the UAE’s role as an international player that can concurrently engage with multiple partners, including in the Indo-Pacific region. Expected to represent more than 50 percent of the global Gross Domestic Product (GDP) by 2040, Asia is increasingly becoming the new economic global power centre of the 21st century. In this context, the UAE aims to strengthen its connections with the Indo-Pacific region and Sri Lanka will play a crucial role in this partnership with its trade and investment offerings particularly through the up-coming multi-billion dollar Port City Colombo development project.

Port City Colombo is a visionary FDI-funded mixed development project that aims to redefine Sri Lanka’s economic and social landscape. Built on reclaimed land, adjacent to the heart of Sri Lanka’s capital, Colombo, PCC will offer a cosmopolitan lifestyle, world-class infrastructure, and sustainable living. As a Special Economic Zone (SEZ), it also provides a range of incentives and benefits for businesses, making it an ideal destination for international businesses, hotel owners and operators to establish their presence in Sri Lanka. The SEZ’s independent governance framework, by way of the Colombo Port City Economic Commission (CPCEC), is also setting the stage for PCC to become one of the easiest places to do business in the region, further cementing its prospects as the Gateway to South Asia.

The Port City Colombo UAE Roadshow arrives on the heels of a significant milestone achieved by the Colombo Port City Economic Commission (CPCEC) recently gaining Cabinet approval for its Businesses of Strategic Importance (BSI) Guidelines, a move that underscores its commitment to transforming Port City Colombo into a globally competitive special economic zone.

Under the approved guidelines, primary and secondary businesses of strategic importance will receive a range of incentives, including exemptions from relevant enactments, favourable corporate tax rates, and enhanced capital allowances. These incentives aim to create a conducive environment for businesses to thrive within PCC, further enhancing its appeal to investors. Among these incentives are tax breaks and regulatory mechanisms, aimed at facilitating seamless business operations and ensuring a favourable investment environment for both local and international entrepreneurs.

The CPCEC has worked closely with international advisory firms to benchmark its efforts, ensuring that Port City Colombo’s regulatory framework aligns with global standards. The result is a transparent and business-friendly environment that caters to the unique needs of primary and secondary businesses of strategic importance.

Accordingly, Port City Colombo presents a diverse range of business and investment opportunities that cater to various interests and sectors. Prospective investors can enter into sectors such as real estate development, regional trading and hub operations, luxurious residential and retail spaces, and more. This broad spectrum ensures that investors of all backgrounds can find their niche within PCC, fostering a thriving and diverse economic ecosystem.

Port City Colombo’s strategic location is one of its most valuable assets. Positioned as the “Gateway to South Asia”, PCC stands ready to serve as a vital hub for trade, commerce, and tourism across the region. Its connectivity to global markets and its role in facilitating international trade make it a strategic cornerstone for investors seeking to tap into the dynamic South Asian market.

The UAE Roadshow event is designed to empower investors with valuable insights and networking opportunities. The event will feature sessions dedicated to investor presentations, offering a platform for in-depth discussions on investment prospects and strategies. International keynote speakers and panel discussions on investment trends will further provide attendees with a comprehensive understanding of the market dynamics and opportunities within PCC.

Promising unparalleled networking opportunities, the Roadshow will also allow potential investors to connect with key stakeholders, decision-makers, and industry experts. This engagement will foster collaborative relationships and provide investors with the support they need to succeed within PCC’s soon-to-be-thriving business ecosystem. Through the UAE Roadshow PCC is demonstrating its potential, and commitment towards emerging as a global economic powerhouse.

September 20, 2023

The Port City Colombo recently played host to a special event to mark National Marine Resources Conservation Week and International Coastal Cleanup Day 2023. The event was held under the patronage of Hon. Sagala Rathnayake, Chief of Presidential Staff and Senior Adviser on National Security. Sponsered by China Harbour Engineering Company – the force behind the development of Port City Colombo (PCC) – and the Marine Environment Protection Authority, the event encapsulated PCC’s commitment to environmental sustainability.

Held on the 16^th of September 2023, the event received widespread attention and support. Its primary goal was to combat marine pollution and raise awareness about responsible resource management. The impact of the event extended far beyond PCC, with initiatives spreading across 14 coastal districts as part of National Marine Resources Conservation Week.

Alongside Hon. Sagala Rathnayake, Mr. Asela B Rekawa (Chairman of the Marine Environment Protection Authority (MEPA) , Mr. Supun Pathirage (Chairman of the Central Environment Authority), and other distinguished invitees were present at the event. Their collective presence helped to underscore the significance of the event.

Sri Lanka faces a pressing ocean pollution issue, with coastal activities responsible for more than 60% of marine contamination; the Island’s coastal areas are under increasing pressure, with approximately 65% of the population residing in urban centres and about 70% of industries concentrated along the coast. The Marine Environment Protection Authority, mandated by the Marine Pollution Prevention Act No. 35 of 2008, has taken on the crucial task of working to tackle the problem of marine pollution.

Port City Colombo, with its commitment to environmentally-friendly development, stands as a symbol of sustainable development and living. Through initiatives like this one, held to mark National Marine Resources Conservation Week and International Coastal Cleanup Day, PCC continues to inspire Sri Lanka and the world to protect our oceans, ensuring a cleaner and greener future for generations to come.

September 14, 2023

Port City Colombo proudly took center stage as the Gold Sponsor of the prestigious i3 Summit by Khaleej Times in Dubai, which was held under the theme, “Redefining Innovation, Inspiring Change, and Shaping the Future of Business”. This key sponsorship strategically captured the attention of the global investor community, whilst highlighting Port City Colombo’s unwavering commitment to nurturing innovation and fostering collaboration in the region. It firmly reinforces Port City Colombo’s dedication to propelling innovation and driving positive change within the thriving business and startup ecosystem.

The i3 Summit, which unfolded on the 6^th of September in the trendy Emirate of Dubai, a global financial center and mecca for investors and international businesses alike, brought together visionaries, thought leaders, and entrepreneurs for a day of knowledge-sharing and inspiration.

Renowned luminaries in the startup space such as Christiana Maxion, Ibtissam Ouassif, Jamil Shinawi, and Lloyed Lobo took to the stage, sharing their invaluable insights and wisdom with a captivated audience. Their experiences and expertise provided a wealth of knowledge for aspiring entrepreneurs and seasoned business leaders alike.

Adding an illustrious touch to the event, Dr Shashi Tharoor, a distinguished diplomat, bureaucrat, and politician, delivered a keynote speech that resonated deeply with the attendees. His address not only added depth but also significance to the summit, emphasizing the importance of innovation and collaboration in today’s ever-evolving business landscape

Nirj Deva MEP, Senior Advisor to the President of Sri Lanka was also present at the event, and took the opportunity to shed light on the promising future of Port City Colombo. His insights underscored the strategic importance of this ambitious project, poised to reshape Sri Lanka’s economic landscape, and position it as the ‘Gateway to South Asia’.

The i3 Summit served as a dynamic platform for knowledge sharing, idea generation, and invaluable networking opportunities. Port City Colombo’s prominent sponsorship elevated the summit’s significance, further cementing its position as a catalyst for innovation and collaboration in the region. It also helped to spark the interest of the global investor community and create awareness of the emerging golden opportunities for international investment at Port City Colombo.

July 11, 2023

The South East Asia Hotel Investors Summit (SEAHIS) 2023, a prestigious gathering of leading investors, industry leaders and experts recently took place in Bangkok, Thailand. Among the distinguished speakers at the event was Thulci Aluwihare, the Deputy Managing Director of Port City Colombo, who delivered an informative keynote presentation on Sri Lanka’s untapped potential, its rapidly recovering tourism industry and Sri Lanka Tourism’s ambitious targets for the upcoming year.

During his address, Thulci Aluwihare also highlighted the exciting opportunities presented by Port City Colombo (PCC) and the PCC Special Economic Zone (SEZ). He emphasized the significant investment prospects available to hotel owners and operators within and around the development, which is positioned to be Sri Lanka’s new frontier of hospitality. As one of the most ambitious and transformative urban development projects in the region, PCC is set to play a pivotal role in elevating Sri Lanka’s tourism sector to new heights. The soon-to-be-opened Downtown Duty-Free, for example, is a key precursor to what is still to come, and will be the first such downtown duty-free mall in South Asia.

Thulci Aluwihare expressed his optimism about the future of Sri Lanka’s hospitality industry saying, “With the rapid growth and recovery of our tourism industry, we believe that Port City Colombo will be a catalyst in attracting both local and international investors seeking unparalleled opportunities. Port City’s unique blend of modern infrastructure, strategic location and diverse investment options will create a vibrant ecosystem that supports Sri Lanka’s tourism goals, particularly as it will act as a global venue for entertainment, leisure, finance, business, retail and more.”

Port City Colombo is a visionary project that aims to redefine Sri Lanka’s economic and social landscape. PCC will offer a cosmopolitan lifestyle, world-class infrastructure and sustainable living. As a Special Economic Zone, it also provides a range of incentives and benefits for businesses, making it an ideal destination for hotel owners and operators to establish their presence in Sri Lanka.

In addition to the numerous investment opportunities, Port City Colombo will further bolster Sri Lanka’s tourism ambitions by providing state-of-the-art amenities, cutting-edge technology, and a host of entertainment, leisure and retail offerings, including a cutting-edge Downtown Duty-Free. The development is designed to create a vibrant hub that seamlessly integrates business, leisure and residential components, offering an unmatched experience for visitors and residents alike.

As Sri Lanka aims to position itself as a top tourist destination, Port City Colombo will play a pivotal role in achieving this goal. With its commitment to sustainability, innovation and world-class hospitality, PCC is poised to become a game-changer in the region, attracting discerning travellers and investors alike.

Older Posts

Sysco LABS Hosts its first ever Tribal Karting Tournament

ComBank receives licence to operate in Colombo Port City

Port City Colombo’s Financial Landscape to be led by HNB as an Authorized Bank

Sampath Bank Enters Colombo Port City

Port City Colombo Signs MoU to Attract Investors at “Invest Sri Lanka – Retire Sri Lanka” Event in Singapore

David Cameron kicks off Port City Colombo’s Global Investment Drive.

David Cameron to address Port City Colombo UAE Roadshow unveiling Opportunities and Incentives for Global Investors

Port City Colombo Reaffirms Commitment to Environmental Conservation this International Coastal Cleanup Day 2023

Port City Colombo Draws Global Investor Attention as Gold Sponsor of i3 Summit in Dubai

Port City Set to Redefine Sri Lanka’s Hospitality Landscape, Showcased at SEAHIS 2023