The Cabinet of Ministers has approved the proposal presented by the President in his capacity as the Minister of Investment Promotion to instruct the Legal Draftsman to prepare a bill for amendment of Port City Economic Commission Act No 11 of 2021 inclusion of relevant amendments.
The necessity has been identified to amend the Port City Economic Commission Act in order to enable the maximization the feasibility of the Port City as a globally competitive specialized economic zone eliminating obstructions which existed for commencement of business operations as shown by prospective investors at the port city.
The Colombo Port City is being established as a service-oriented special economic zone on 269 hectares of land reclaimed from the ocean.