Port City to be launched in Dubai and Abu Dhabi on Sep. 26

By Yohan Perera and Ajith Siriwardana 

Port City Colombo (PCC) would be launched in Dubai and Abu Dhabi on September 26, Investment Promotion Minister Dilum Amunugama told Parliament this week.

“There is a possibility of positioning PCC as an offshore financial city. Former UK Prime Minister David Cameron is expected to participate in the event.

Around 17 foreign investors have expressed their willingness to invest on the reclaimed land,” he added.

Parliament imposed this week a regulation under the Port City Development Bill, through which the investors will be given development licences. 

PCC is a visionary foreign direct investment-funded mixed development project that aims to redefine Sri Lanka’s economic and social landscape. Built on reclaimed land, adjacent to the heart of Sri Lanka’s capital, Colombo, PCC will offer a cosmopolitan lifestyle, world-class infrastructure and sustainable living. 

As a Special Economic Zone (SEZ), it also provides a range of incentives and benefits for businesses, making it an ideal destination for international businesses, hotel owners and operators to establish their presence in Sri Lanka.

The SEZ’s independent governance framework, by way of the Colombo Port City Economic Commission (CPCEC), is also setting the stage for PCC to become one of the easiest places to do business in the region, further cementing its prospects as the Gateway to South Asia.