Economy & Growth

Port City Colombo Sings MOU with trace Sri Lanka to grow tech industry

Port City Colombo has taken a further step towards establishing itself as a pivotal technology hub in the region by entering into a formal partnership with TRACE Sri Lanka – a leading organization that promotes collaboration, creativity, and entrepreneurship through technology and innovation across disciplines in Sri Lanka. The MOU formalising the partnership was signed by Mr Xiong Hongfeng – Managing Director of CHEC Port City Colombo (Private) Limited, and Mr Kusal Subasinghe, Chairman of TRACE Sri Lanka. Also present at the signing ceremony were, on behalf of Port City Colombo, Stan Li – Chief Marketing Officer, and Radika Obeyesekere – Director of Investment Promotion and Marketing, along with Executive Director of TRACE Sri Lanka, Heminda Jayaweera.

Port City Colombo will collaborate with TRACE to foster innovation and growth within Sri Lanka’s IT sector by providing an unparalleled business environment for IT/tech companies within the Colombo Port City Special Economic Zone (SEZ). TRACE Expert City, a public-private partnership, is commonly referred to as the “Silicon Valley of Sri Lanka” and is a prominent tech innovation and entrepreneurship hub in Colombo.

The partnership is designed to leverage the strengths of Port City Colombo’s progressive business environment, which offers an assortment of attractive fiscal and non-fiscal incentives, making it an ideal location for the IT and Technology industry. These include favourable tax policies, including 25+ years of tax exemptions for businesses and investors under the Businesses of Strategic Importance (BSI), along with zero capital controls, allowing for 100% capital and profit repatriation, 100% foreign ownership, and transactions in designated foreign currencies.

The partnership between Port City Colombo and TRACE Sri Lanka reflects a shared vision to accelerate the growth of Sri Lanka’s Technology sector, attracting both local and international talent. By providing the necessary infrastructure and a supportive ecosystem, Port City Colombo is thus set to play a transformative role in redefining Sri Lanka as a regional technology powerhouse.

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 soon, 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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