USHERING IN A NEW ERA AS PORT CITY COLOMBO BREAK GROUND ON BUSINESS CENTER

Colombo, Sri Lanka (March 12, 2024): A new era of innovation dawns for Sri Lanka as Port City Colombo breaks ground on its premier business park, the Business Center. This groundbreaking ceremony signifies a major milestone, not just for the project, but for the country's ambition to become a leading regional hub for technology and commerce.

A Catalyst for Innovation and Investment

Port City Colombo, the largest Public-Private Partnership (PPP) and Foreign Direct Investment (FDI) project in Sri Lanka's history to date, underscores the government's commitment to attracting foreign investment. This greenfield project positions Sri Lanka as a key player in the region's tech and commerce sectors.

A Catalyst for Growth and Collaboration

The Business Center transcends a simple building – it is a catalyst for growth and collaboration, which is strategically located within close proximity to Colombo's existing Central Business District that is poised to cultivate a pioneering commercial ecosystem.  Scheduled for completion by Q3 2024, this world-class, premium business park will showcase contemporary infrastructure and 120,000 sq. ft. of premium office space, whilst caters to diverse business needs through distinct corporate blocks – the IT Park and Commercial District.  Sustainability is a core principle, evident in the Business Center’s diverse modern work environments, including garden offices, co-working spaces, and low-density workspaces.

An Invitation to Be Part of the Future

As a dynamic Hub for the Future, this groundbreaking also signifies the official welcome of Authorized Persons (APs) to operate within the Port City Colombo Special Economic Zone. This will be a dynamic space that fosters knowledge exchange and advancements like generative AI, whilst also attracting top talent from across South Asia. This Business Center will also serve as a catalyst for growth, innovation, and collaboration, whereby the project extends an invitation to investors and global corporations to be part of, and take advantage of this strategic hub at the heart of South Asia.

The Business Center signifies a critical landmark, reinforcing Sri Lanka's position as a destination for innovation, commercial growth, and success. The future is bright, the future is in Asia and Sri Lanka is ready for investment offering sustainable development for a business enabling environment. The ceremony was graced by distinguished guests, including the Prime Minister of Sri Lanka, Hon. Dinesh Gunawardena (Chief Guest), the Ambassador of the People's Republic of China to Sri Lanka, H.E. Qi Zhenhong, and the State Minister of Investment Promotion, Hon. Dilum Amunugama. Their presence was facilitated by the Chairman of the Colombo Port City Economic Commission, Mr. Dinesh Weerakkody, and the Managing Director of CHEC Port City Colombo (Pvt) Ltd, the project's regulatory authority and primary developer. Key Members of Parliament, government officials, esteemed investors, industry representatives, and other dignitaries also joined this momentous occasion.

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.