Govt. designates four entities as Secondary Businesses of Strategic Importance

Four companies this week received government approval to be recognised as Secondary Businesses of Strategic Importance.
Cabinet nod was given this week for Port City BPO Pvt Ltd, IVIVA Pte Ltd, Echelon Trade Pvt Ltd, and 99X Technology AS to be designated as Secondary Businesses of Strategic Importance and grant exemption or incentives from the Acts mentioned under Schedule II of Colombo Port City Economic Commission Act. The orders for the same will be published through gazette notifications.

The proposal was presented by President Ranil Wickremesinghe in his capacity as the Minister of Investment Promotion. 
Approval was given for Port City BPO Pvt Ltd to carry out business as a service provider of outsourcing business processes for overseas entertainment industry, and for IVIVA Pte Ltd for running a business as an Information Technology service provider that creates products and solutions powered by Smart City Information Technology to support the various tasks of global clients in transitioning to a low carbon economy.

Echelon Trade Pvt Ltd received approval for running a trading business in textiles, apparel, luxury watches, gold and gems, electrical appliances and cosmetics across multiple global markets, and 99X Technology AS to run a service providing business to global independent software businesses for crafting digital solutions for real user issues by production, engineering and innovation as well as website development, and by improving mobile applications.