MOU SIGNED BETWEEN THE SRI LANKA EXPORT DEVELOPMENT BOARD (SLEDB) AND CHEC PORT CITY COLOMBO (PVT) LTD

In a significant move towards attracting export-oriented businesses to Port City Colombo, CHEC Port City Colombo (Pvt) Ltd, the primary developer of the project, recently entered into a partnership with the Sri Lanka Export Development Board (SLEDB). A memorandum of understanding (MoU) was signed between the two parties to this effect at a special ceremony held on the 26th of April 2024 at the Port City Colombo Sales Gallery. Signing on behalf of the SLEDB was its Chairman, Dr Kingsley Bernard, while the Managing Director of CHEC Port City Colombo (Pvt) Ltd, Mr Xiong Hongfeng signed for Port City Colombo.

Discussing the importance of the partnership, Mr. Hongfeng said, “We are pleased to establish this special partnership with the Sri Lanka Export Development Board, as it is an important step forward in positioning Port City Colombo as a regional logistics/business hub and financial centre in the heart of South Asia. We feel that this collaboration will enable us to promote Port City Colombo as a strategic location for export-oriented businesses to set up operations, whilst ensuring that we provide these entities the opportunity to further drive the economic development of Sri Lanka.”

Dr Bernard also commented saying, “I believe that the SLEDB partnership with CHEC Port City Colombo (Pvt) Ltd will be a turning point for the Sri Lankan export community. This will help create awareness about the attractive fiscal and non-fiscal benefits and opportunities available for local exporters, and the establishment of their respective trade/buying office operations within the Colombo Port City Special Economic Zone.”

This partnership will allow Port City Colombo and the SLEDB to seamlessly work in collaboration to promote the Colombo Port City Special Economic Zone as an attractive commercial destination for export-oriented businesses. Accordingly, Port City Colombo will leverage its direct access to global markets, including that of Middle East, Asia-Pacific, and South Asia, whilst the SLEDB will provide the essential expertise and support to prospective businesses. Together, the two parties will work towards positioning Port City Colombo as an attractive strategic logistics hub in the South Asia region.

Official signing of MOU between the Sri Lanka Export Development Board and CHEC Port City Colombo

Dr. Kingsley Bernard, Chairman, EDB, and Mr. Xiong Hongfeng, Managing Director, CHEC Port City Colombo

Dr. Kingsley Bernard, Chairman, EDB providing a speech

ABOUT PORT CITY COLOMBO

Poised to redefine Sri Lanka’s economic and societal landscape, Port City Colombo (PCC) is a visionary multi-billion dollar FDI-funded project located at the very heart of the South Asian region — the vibrant, thriving metropolis of Colombo in Sri Lanka. Positioned as the gateway to South Asia, it offers a unique combination of global investment opportunities, international business environments, world-class infrastructure, and sustainable yet cosmopolitan living. As a Special Economic Zone (SEZ), PCC will feature a business-friendly environment including tax incentives and exemptions for a 25+ year period for Businesses of Strategic Importance (BSI’s), and transactions in foreign currencies, with no capital or exchange controls, and up to 100 percent foreign ownership. With upcoming developments such as Colombo International Financial Centre (CIFC), the luxury yacht marina retail and lifestyle offerings projected to break ground in 2024, PCC aims to emulate the successful economic models of Dubai or Singapore, whilst reinforcing the broader commitment to sustainability and liveability.