Colombo Port City Economic Commission Bill presented to P’ment

The Colombo Port City Economic Commission Bill, which will declare Colombo Port City (CPC) as a Special Economic Zone (SEZ), and under which a five-member Commission with sweeping powers will be appointed to administer it, was presented to Parliament a while ago.

As per the Bill, the five member commission will be appointed by the President.

In making the appointments consideration will be afforded to ensure that such members possess relevant knowledge, expertise and experience and national , international recognition in the fields of investment, finance, law , information , technology, engineering, business or accountancy. 

One member form the five members will be appointed by the President as the Chairperson of the Commission.

President’s Secretary Dr.P.B Jayasundara yesterday said the government expects to advertise internationally to find suitable persons with international reputation for the Commission.

President can remove the chairperson or members of the Commission in the event of ill health, convicted of criminal offence or fraud.  

The objectives of the commission are to promote Port City as a leading Special Economic Zone in the region, create a safe and conducive business environment and facilitate ease of doing business in it, encourage and promote global and regional investments, trade, shipping, logistic operations, offshore banking and finance. (By Yohan Perera and Ajith Siriwardana)