Port City Colombo Spearheads Growth Of The It Industry In Sri Lanka

Port City Colombo is progressively facilitating the growth of a robust digital ecosystem that would uplift the Sri Lankan economy. In line with the Government of Sri Lanka’s vision to establish a USD 15 billion digital economy by 2030, Port City Colombo aims to support the country’s ambitious growth targets by attracting leading technology companies from across the world to set up business operations. With a strong emphasis on enhancing job creation and providing a globally competitive regulatory environment, Port City Colombo is poised to support Sri Lanka’s emergence as a formidable tech hub in the South Asian region.

Approximately 40 of the 126 companies currently on-boarded as Authorised Persons (AP’s) by Port City Colombo represent leading brand names from across the global IT industry, as of date. The Business Center at Port City Colombo, a premier IT and commercial park, set to formally open by Q1 2025, will also provide a contemporary work space where IT businesses could operate, exchange knowledge, and drive new advancements in technology, including Artificial Intelligence (AI).

Port City Colombo, a Special Economic Zone that prioritises the export of modern services, has engaged in integral partnerships with apex IT associations as part of the project’s efforts to lead the development of the IT/IT enabled services sector. These include Port City Colombo’s ongoing collaboration with the Sri Lanka Association of Software and Service Companies (SLASSCOM), the national chamber for the Knowledge and Innovation (IT & BPM) industry in Sri Lanka with over 350 member companies. Additionally, Port City Colombo has signed a Memorandum of Understanding (MoU) with TRACE Sri Lanka, a leading organization that promotes collaboration, creativity, and entrepreneurship through technology and innovation across disciplines in Sri Lanka.

Due to the strategic focus on the Indian market, Port City Colombo has also fostered a special partnership with the National Association of Software and Service Companies (NASSCOM), which is an Indian non-governmental trade association and advocacy group that serves as a key entity within the Indian technology sector. The Port City Colombo Team has already represented the project at two NASSCOM events -- the nasscom Technology and Leadership Forum (NTLF), and Future of Work thought leadership forum, which took place earlier this year.

The afore-mentioned developments further augment the progressive business environment of the Colombo Port City Special Economic Zone, which provide attractive fiscal and non-fiscal incentives for prospective IT business investors. These encompass tax exemptions for 25 plus years, transactions in designated foreign currencies, 100% foreign ownership, 100% capital and profit repatriation, and so forth. IT companies, who are interested in investing or setting up business operations, are required to become qualified as an Authorised Person, which is defined as any individual or entity permitted by the Colombo Port City Economic Commission (CPCEC) to conduct business from the area of authority of the Colombo Port City Special Economic Zone.

With the aim of harnessing a thriving digital economy that promotes sustainable and inclusive growth in Sri Lanka, Port City Colombo reaffirms its readiness for operationalised commercial activity. For more information, please visit www.portcitycolombo.lk for investment opportunities and www.portcitycolombo.gov.lk for regulatory matters.

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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