Economy & Growth

Port City Colombo Represented at the Commonwealth Business From 2024

Port City Colombo, a visionary Special Economic Zone dedicated to the export of modern services, was represented at the Commonwealth Business Forum 2024, which took place in Apia, Samoa from 23^rd to 24^th October 2024. As a strategic partner of the Commonwealth Enterprise and Investment Council (CWEIC), Port City Colombo was proud to engage in insightful discussions focused on promoting sustainable growth with high-level global business leaders and Heads of Government at the Commonwealth Business Forum, which was held alongside the Commonwealth Heads of Government Meeting (CHOGM) 2024 in Samoa.

Thulci Aluwihare, Deputy Managing Director, CHEC Port City Colombo (Pvt) Ltd, was lead speaker at Roundtable 01: ‘Skills Migration, Regional Collaboration.’ At this exclusive briefing, Aluwihare underscored the challenges that Sri Lanka was undergoing in relation to brain drain, similarly to South Pacific Small Island Nations. He also charged that, to promote skills’ migration, human mobility, and the diffusion of knowledge, Small Island Developing States are required to become essential players in the global value chain, whilst implementing immigration reforms that attract regional talent and expertise. Aluwihare then highlighted Sri Lanka’s ambitious initiative to reverse brain drain and enhance human mobility through the progressive regulatory framework of the Colombo Port City Special Economic Zone. The Colombo Port City Special Economic Zone’s benefits, including earnings in foreign currency, 0% personal income tax, preferential employment visas up to five years, and no restrictions placed on employed expatriates, were the focal point of his remarks.

Aluwihare further participated in Roundtable 07: ‘Building Resilient Infrastructure,’ where he accentuated the integral role that public-private partnerships (PPP) could play in bridging the critical financing gap pertaining to building resilient infrastructure.

These engagements were followed by Port City Colombo’s representation at the Sustainable Markets Initiative with His Majesty King Charles III, which brought together business dignitaries and elected Heads of State from across the Commonwealth realms. The event aimed to showcase how the private sector has been collaborating with governments and multi-lateral organisations in support of global climate, biodiversity, and sustainable development.

Held under the theme, ‘One Resilient Common Future: Transforming our Common Wealth,’ the Commonwealth Business Forum 2024 focused on key themes including access to finance, advancing tech and innovation, reducing barriers to trade, transforming the workforce through skills development, and promoting sustainability and resilience, particularly for the Commonwealth’s Small Island Developing States.

For more information regarding Port City Colombo’s investment opportunities, please visit www.portcitycolombo.lk or for regulatory matters, please visit https://www.portcitycolombo.gov.lk/.

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.

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