Sri Lankan Parliament Passes Colombo Port City Bill

By IndraStra Global News Team

By IndraStra Global Editorial Team


Sri Lankan Parliament Passes Colombo Port City Bill

The newly reclaimed land of 269 hectares in the heart of the Colombo Business District in Sri Lanka has been identified as a Special Economic Zone (SEZ) by the Sri Lankan Parliament, paving the way for the creation of an International Business and Multi Services hub for South Asia called the Port City Colombo


The project has been in the works for a while but this week, the Sri Lankan parliament approved the Colombo Port City Economic Commission Bill after a two-day debate on it. The Opposition parties in Sri Lanka are against the bill which they say will lead to the creation of a Chinese colony in Sri Lanka. The 225-member Sri Lankan Parliament approved the bill 148-59, according to news reports. The passing of the Bill is considered a major diplomatic and strategic concern for India, as China's access to the 9-Degree channel increases significantly. 


Slated as the 'Gateway to South Asia', the project is a Public-Private Partnership between the Government of Sri Lanka and project company CHEC Port City Colombo. Port City Colombo is situated alongside the Port of Colombo, which is ranked as the World's 18th best-connected Port and is designed to strike a virtuous balance between commercial, residential, and retail spaces.


Image Attribute: Aerial view of newly reclaimed land of Colombo Port City/ Source: FT

Image Attribute: Aerial view of newly reclaimed land of Colombo Port City/ Source: FT


According to CHEC Port City Colombo's press release, "The Colombo Port City Economic Commission Bill sets a stable policy environment and an efficient framework of administrative processes. The bill significantly enhances ease of doing business through single-window facilitation, streamlined arbitration mechanism, and globally benchmarked incentives."


The Colombo International Financial Centre Phase 1, which is the first vertical development, is scheduled to break ground in June 2021 and will comprise state-of-the-art business infrastructure with a commitment to International Green Building Standards. All registered entities can enjoy 100% foreign ownership with the opportunity to benefit from relaxed exchange control regulations within the zone. 



Yamuna Jayaratne, Director Sales and Marketing for Port City Colombo, said, "Port City will enjoy a cost advantage of nearly 80% compared with regional hubs such as Singapore and Dubai. The enactment of the Colombo Port City Economic Commission Bill will serve to enhance the ease of doing business and bring it to parity along with regional hubs and most importantly address investor pain points that currently dissuades FDI. Coupled with cost advantages, geographic location, and the quality of life on offer in Sri Lanka, this would serve as a first step in creating a compelling value proposition for investors. Port City Colombo provides an enviable physical setting required to compete with any world-class modern metropolitan city."


Sri Lanka’s Minister for Capital Markets Ajith Cabraal projected that the initial construction of the port city would bring in investment of $ 15 billion, creating over 200,000 jobs. Sri Lanka, in recent years, has carried out various development projects with an estimated $ 8-billion in loans.


China's investments in Sri Lanka hit global headlines when China Merchants Port Holdings Company Limited bought a 99-year lease on Hambantota Port for $1.2 bln. While often characterized as a debt swap, the funds from the lease were used to boost foreign currency reserves, not to restructure debt to China. China has been accused of setting a debt trap for Sri Lanka by extending infrastructure loans and then using the debt as leverage in negotiations when the debtor struggles to repay. President Rajapaksa has repeatedly denied the port deal was a debt trap.

IndraStra Global is now available on
Apple NewsGoogle News, Flipboard, Feedburner, and Telegram

DISCLAIMER: The views expressed in this insight piece are those of the author and do not necessarily reflect the official policy or position of IndraStra Global.

COPYRIGHT: This article is published under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. https://creativecommons.org/licenses/by-nc-nd/4.0/
Name

-51,1,3D Technology,2,5G,6,Abkhazia,2,Academics,9,Accidents,18,Activism,1,ADB,10,ADIZ,1,Adults,1,Advertising,30,Advisory,1,Aerial Reconnaissance,11,Aerial Warfare,34,Aerospace,4,Afghanistan,79,Africa,106,Agile Methodology,2,Agriculture,13,Air Crash,9,Air Defence Identification Zone,1,Air Defense,5,Air Force,26,Air Pollution,1,Airbus,4,Aircraft Carriers,3,Aircraft Systems,1,Al Nusra,1,Al Qaida,3,Al Shabab,1,ALBA,1,Albania,2,Algeria,3,American History,4,AmritaJash,10,Antarctic,1,Anthropology,7,Anti Narcotics,10,Anti Tank,1,Anti-Corruption,3,Anti-dumping,1,Anti-Piracy,2,Anti-Submarine,1,Anti-Terrorism Legislation,1,Antitrust,1,APEC,1,Apple,2,Applied Sciences,2,AQAP,2,Arab League,3,Architecture,1,Arctic,6,Argentina,7,Armenia,26,Army,3,Art,1,Artificial Intelligence,62,Arunachal Pradesh,1,ASEAN,10,Asia,63,Asia Pacific,21,Assassination,2,Asset Management,1,Astrophysics,2,ATGM,1,Atmospheric Science,1,Atomic.Atom,1,Augmented Reality,7,Australia,42,Austria,1,Automation,13,Automotive,123,Autonomous Flight,2,Autonomous Vehicle,2,Aviation,56,AWACS,1,Awards,17,Azerbaijan,13,Azeri,1,B2B,1,Bahrain,9,Balance of Payments,1,Balance of Trade,3,Balkan,10,Baltic,3,Baluchistan,8,Bangladesh,26,Banking,47,Bankruptcy,1,Basel,1,Bashar Al Asad,1,Bay of Bengal,5,BBC,1,Beijing,1,Belarus,3,Belgium,1,Belt Road Initiative,2,Beto O'Rourke,1,BFSI,1,Bhutan,8,Big Data,29,Big Tech,1,Bilateral Cooperation,13,BIMSTEC,1,Biography,1,Biotechnology,2,BISA,1,Bitcoin,7,Black Lives Matter,1,Black Money,2,Black Sea,1,Blockchain,30,Blood Diamonds,1,Bloomberg,1,Boeing,18,Boko Haram,7,Bolivia,6,Bomb,2,Bond Market,1,Book,8,Book Review,16,Border Conflicts,4,Border Control and Surveillance,5,Bosnia,1,Brand Management,14,Brazil,99,Brexit,22,BRI,5,BRICS,16,British,3,Broadcasting,16,Brunei,2,Brussels,1,Buddhism,1,Budget,3,Build Back Better,1,Bulgaria,1,Burma,2,Business & Economy,924,C-UAS,1,California,3,Call for Proposals,1,Cambodia,5,Cameroon,1,Canada,44,Canadian Security Intelligence Service (CSIS),1,Carbon Economy,7,CAREC,1,Caribbean,8,CARICOM,1,Caspian Sea,2,Catalan,3,Caucasus,9,CBRN,1,Central African Republic,1,Central Asia,71,Central Asian,3,Central Eastern Europe,44,Certification,1,Chad,2,Chanakya,1,Charity,2,Chatbots,1,Chemicals,6,Child Labor,1,Children,4,Chile,10,China,415,Christianity,1,CIA,1,CIS,5,Citizenship,2,Civil Engineering,1,Civil Liberties,4,Civil Rights,2,Civil Society,4,Civilization,1,Clean Energy,4,Climate,60,Climate Change,9,Clinical Research,3,Clinton,1,Cloud Computing,39,Coal,4,Coast Guard,3,Cognitive Computing,12,Cold War,4,Colombia,15,Commodities,3,Communication,8,Communism,3,Compliance,1,Computers,40,Conferences,1,Conflict,72,Conflict Diamonds,1,Conflict Resolution,48,Conflict Resources,1,Congo,1,Construction,4,Consumer Behavior,4,Consumer Price Index,1,COP26,3,Coronavirus,102,Corporate Communication,1,Corporate Governance,4,Corporate Social Responsibility,4,Corruption,4,Costa Rica,2,Counter Intelligence,13,Counter Terrorism,77,COVID Vaccine,5,CPEC,7,CPG,3,Credit,1,Credit Score,1,Crimea,4,CRM,1,Croatia,2,Crypto Currency,11,CSTO,1,Cuba,5,Culture,4,Currency,6,Customer Relationship Management,1,Cyber Attack,6,Cyber Crime,2,Cyber Security & Warfare,103,Cybernetics,5,Cyberwarfare,16,Cyprus,5,Czech Republic,3,DACA,1,DARPA,3,Data,7,Data Analytics,35,Data Science,1,Database,1,Daughter.Leslee,1,Davos,1,DeBeers,1,Debt,8,Decision Support System,5,Defense,9,Defense Deals,5,Deforestation,2,Democracy,20,Democrats,2,Demonetization,6,Denmark. F-35,1,Denuclearization,1,Diamonds,1,Digital,38,Digital Economy,3,Digital Marketing,2,Digital Transformation,10,Diplomacy,10,Disaster Management,4,Disinformation,1,Djibouti,2,Documentary,2,Doklam,1,Dokolam,1,Dominica,2,Donald Trump,42,Donetsk,1,Dossier,2,Drones,10,E-Government,2,E-International Relations,1,Earning Reports,1,Earth Science,1,Earthquake,4,East Africa,1,East China Sea,9,eBook,1,ECB,1,eCommerce,11,Econometrics,1,Economic Justice,1,Economics,37,Economy,60,ECOWAS,2,Ecuador,3,Edge Computing,2,Education,59,Egypt,23,Elections,27,Electric Vehicle,10,Electricity,5,Electronics,7,Emerging Markets,1,Employment,11,Energy,303,Energy Policy,26,Energy Politics,23,Engineering,23,England,2,Enterprise Software Solutions,8,Entrepreneurship,15,Environment,44,ePayments,7,Epidemic,5,ESA,1,Ethiopia,3,Eulogy,2,Eurasia,3,Euro,5,Europe,4,European Union,210,EuroZone,5,Exclusive,2,Exhibitions,2,Explosives,1,Export Import,2,F-35,5,Facebook,7,Fake News,3,Fallen,1,FARC,2,Farnborough. United Kingdom,2,FATF,1,FDI,5,Featured,1045,Fidel Castro,1,Fiji,1,Finance,16,Financial Markets,47,Financial Statement,2,Finland,5,Fintech,13,Fiscal Policy,10,Fishery,3,Food Security,18,Forces,1,Forecasting,1,Foreign Policy,11,Forex,1,France,25,Free Market,1,Free Syrian Army,4,Freedom,3,Freedom of Speech,1,FTC,1,Fujairah,97,Fund Management,1,Funding,22,Future,1,G20,5,G24,1,G7,3,Gaddafi,1,Gambia,2,Gaming,1,Garissa Attack,1,Gas Price,1,GATT,1,Gaza,2,GCC,11,GDP,7,GDPR,1,Geneal Management,1,General Management,1,Geo Politics,102,Geography,1,Geoint,14,Geopolitics,5,Georgia,11,Georgian,1,geospatial,8,Geothermal,2,Germany,55,Ghana,3,Gibratar,1,Global Trade,87,Global Warming,1,Global Water Crisis,10,Globalization,2,Gold,1,Google,13,Gorkhaland,1,Government,125,GPS,1,Greater Asia,123,Greece,12,Green Bonds,1,Greenland,1,Gross Domestic Product,1,GST,1,Gujarat,5,Gun Control,4,Hacking,4,Haiti,2,Hasan,1,Health,6,Healthcare,70,Helicopter,9,Heliport,1,Hezbollah,3,High Altitude Warfare,1,Hillary 2016,1,Hillary Clinton,1,Hinduism,2,Hindutva,4,History,10,Home Security,1,Honduras,1,Hong Kong,6,Horn of Africa,5,Housing,10,Houthi,11,Howitzer,1,Human Development,28,Human Resource Management,5,Human Rights,3,Humanitarian,3,Hungary,3,Hunger,3,Hydrocarbon,3,Hydrogen,2,IAEA,2,ICBM,1,ICO,1,Identification,2,IDF,1,Imaging,2,IMF,65,Immigration,15,Impeachment,1,Imran Khan,1,Independent Media,72,India,511,India's,1,Indian Air Force,17,Indian Army,4,Indian Nationalism,1,Indian Navy,22,Indian Ocean,16,Indices,1,Indo-Pacific,2,Indonesia,14,IndraStra,1,Industrial Accidents,3,Industrial Automation,2,Industrial Safety,4,Inflation,3,Infographic,1,Information Leaks,1,Infrastructure,3,Innovations,22,Insurance,3,Intellectual Property,3,Intelligence,5,Intelligence Analysis,8,Interest Rate,3,International Business,13,International Law,11,International Relations,7,Internet,52,Internet of Things,34,Interview,7,Intra-Government,5,Investigative Journalism,3,Investment,30,Investor Relations,1,IPO,4,Iran,183,Iraq,52,IRGC,1,Iron & Steel,1,ISAF,1,ISIL,9,ISIS,33,Islam,12,Islamic Banking,1,Islamic State,86,Israel,116,IT ITeS,128,Italy,10,Jabhat al-Nusra,1,Jamaica,3,Japan,55,JASDF,1,Jihad,1,Joe Biden,3,Joint Strike Fighter,4,Jordan,7,Journalism,6,Judicial,4,Justice System,3,Kanchin,1,Kashmir,7,Kazakhstan,22,Kenya,5,Kiev,1,Kindle,700,Knowledge Management,3,Kosovo,2,Kurdistan,8,Kurds,10,Kuwait,6,Kyrgyzstan,9,Labor Laws,10,Labor Market,2,Land Reforms,2,Land Warfare,20,Languages,1,Laos,1,Latin America,76,Law,4,Leadership,3,Lebanon,9,Legal,9,Liberalism,1,Library Science,1,Libya,12,Littoral Warfare,2,Livelihood,3,Loans,8,Lockdown,1,Lone Wolf Attacks,1,Lugansk,1,Macedonia,1,Machine Learning,7,Mahmoud,1,Main Battle Tank,3,Malaysia,10,Maldives,5,Mali,4,Malware,2,Management Consulting,6,Manpower,1,Manto,1,Manufacturing,14,Marijuana,1,Marine Engineering,3,Maritime,37,Market Research,2,Marketing,38,Mars,2,Martech,9,Mass Media,29,Mass Shooting,1,Material Science,2,Mauritania,1,MDGs,1,Mechatronics,2,Media War,1,Mediterranean,12,MENA,6,Mental Health,4,Mercosur,2,Mergers and Acquisitions,15,Meta,1,Metals,1,Mexico,8,Micro-finance,4,Microsoft,11,Migration,19,Mike Pence,1,Military,98,Military Exercise,8,Military-Industrial Complex,1,Mining,15,Missile Launching Facilities,5,Missile Systems,46,Mobile Apps,3,Mobile Communications,10,Mobility,4,Modi,7,Moldova,1,Monaco,1,Monetary Policy,4,Money Market,2,Mongolia,8,Monsoon,1,Montreux Convention,1,Moon,4,Morocco,1,Morsi,1,Mortgage,3,Moscow,2,Motivation,1,Mozambique,1,Mubarak,1,Multilateralism,2,Mumbai,1,Muslim Brotherhood,2,Myanmar,23,NAFTA,3,NAM,2,Nanotechnology,4,NASA,12,National Security,5,Nationalism,2,NATO,26,Natural Disasters,9,Natural Gas,26,Naval Base,5,Naval Engineering,17,Naval Intelligence,2,Naval Postgraduate School,2,Naval Warfare,42,Navigation,2,Navy,21,NBC Warfare,2,Negotiations,1,Nepal,11,Neurosciences,6,New Delhi,4,New Normal,1,New York,4,New Zealand,5,News,948,Newspaper,1,NGO,1,Nicaragua,1,Niger,3,Nigeria,10,Nirbhaya,1,Non Aligned Movement,1,Non Government Organization,4,Nonproliferation,2,North Africa,21,North America,37,North Korea,47,Norway,2,NSA,1,NSG,2,Nuclear,35,Nuclear Agreement,29,Nuclear Doctrine,1,Nuclear Security,43,Obama,3,ObamaCare,2,OBOR,15,Ocean Engineering,1,Oceania,2,OECD,4,OFID,5,Oil & Gas,308,Oil Gas,4,Oil Price,37,Olympics,2,Oman,25,Omicron,1,Oncology,1,Online Education,4,Online Reputation Management,1,OPEC,100,Open Access,1,Open Letter,1,Open Source,4,Operation Unified Protector,1,Operational Research,4,Opinion,600,Pacific,5,Pakistan,149,Pakistan Air Force,2,Pakistan Army,1,Pakistan Navy,3,Palestine,21,Pandemic,82,Papal,1,Paper,3,Papers,110,Papua New Guinea,1,Paracels,1,Partition,1,Partnership,1,Passport,1,Patents,2,PATRIOT Act,1,Peace Deal,4,Peacekeeping Mission,1,People Management,1,Persian Gulf,19,Peru,5,Petrochemicals,1,Petroleum,19,Pharmaceuticals,13,Philippines,10,Philosophy,2,Photos,3,Physics,1,Pipelines,5,PLAN,3,Plastic Industry,2,Poland,6,Polar,1,Policing,1,Policy,7,Policy Brief,6,Political Studies,1,Politics,35,Polynesia,3,Population,3,Portugal,1,Poverty,5,Power Transmission,6,President APJ Abdul Kalam,2,Presidential Election,30,Press Release,157,Prison System,1,Privacy,15,Private Equity,1,Private Military Contractors,1,Programming,1,Project Management,4,Propaganda,4,Protests,7,Psychology,3,Public Policy,55,Public Relations,1,Public Safety,7,Publishing,5,Putin,3,Q&A,1,Qatar,85,QC/QA,1,Qods Force,1,Quantum Computing,2,Quantum Physics,4,Quarter Results,2,Racial Justice,2,RADAR,1,Rahul Guhathakurta,4,Railway,7,Raj,1,Ranking,4,Rape,1,RCEP,1,Real Estate,1,Recall,4,Recession,1,Red Sea,2,Referendum,5,Reforms,17,Refugee,23,Regional,4,Regulations,1,Rehabilitation,1,Religion & Spirituality,9,Renewable,11,Reports,34,Repository,1,Republicans,2,Rescue Operation,1,Research,3,Research and Development,19,Retail,36,Revenue Management,1,Risk Management,3,Robotics,8,Rohingya,4,Romania,2,Royal Canadian Air Force,1,Rupee,1,Russia,225,Russian Navy,4,Saab,1,Saadat,1,SAARC,6,Safety,1,SAFTA,1,SAM,2,Samoa,1,Sanctions,3,SAR,1,SAT,1,Satellite,12,Saudi Arabia,120,Science & Technology,323,SCO,5,Scotland,6,Scud Missile,1,Sea Lanes of Communications,4,SEBI,1,Securities,1,Security,6,Semiconductor,1,Senate,4,Senegal,1,SEO,3,Serbia,4,Seychelles,1,SEZ,1,Shale Gas,4,Shanghai,1,Sharjah,12,Shia,6,Shipping,5,Shutdown,1,Siachen,1,Sierra Leone,1,Signal Intelligence,1,Sikkim,4,Silicon Valley,1,Silk Route,6,Simulations,2,Sinai,1,Singapore,11,Situational Awareness,16,Smart Cities,7,Social Media Intelligence,40,Social Policy,38,Socialism,1,Soft Power,1,Software,7,Solar Energy,11,Somalia,5,South Africa,18,South America,45,South Asia,387,South China Sea,30,South East Asia,56,South Korea,39,South Sudan,3,Soviet,2,Soviet Union,7,Space,37,Space Station,2,Spain,8,Special Forces,1,Sports,2,Sports Diplomacy,1,Spratlys,1,Sri Lanka,17,Stamps,1,Startups,43,STEM,1,Stephen Harper,1,Stock Markets,14,Storm,2,Strategy Games,5,Sub-Sahara,2,Submarine,13,Sudan,5,Sunni,6,Super computing,1,Supply Chain Management,35,Surveillance,8,Survey,5,Sustainable Development,14,Swami Vivekananda,1,Sweden,3,Switzerland,3,Syria,111,Taiwan,14,Tajikistan,11,Taliban,15,Tamar Gas Fields,1,Tanzania,4,Tariff,4,Taxation,22,Tech Fest,1,Technology,13,Tel-Aviv,1,Telecom,20,Telematics,1,Territorial Disputes,1,Terrorism,72,Testing,2,Texas,3,Thailand,6,The Middle East,595,Think Tank,273,Tibet,2,TikTok,1,Tobacco,1,Tonga,1,Total Quality Management,2,Town Planning,2,TPP,2,Trade Agreements,13,Trade War,9,Trademarks,1,Trainging and Development,1,Transcaucasus,16,Transcript,4,Transpacific,2,Transportation,38,Travel and Tourism,4,Tsar,1,Tunisia,6,Turkey,73,Turkmenistan,9,U.S. Air Force,3,U.S. Dollar,1,UAE,128,UAV,19,UCAV,1,Udwains,1,Uganda,1,Ukraine,67,Ummah,1,UNCLOS,6,UNESCO,1,UNHCR,1,UNIDO,2,United Kingdom,65,United Nations,26,United States,597,University and Colleges,4,Uranium,2,Urban Planning,10,US Army,4,US Army Aviation,1,US Congress,1,US Navy,15,US Postal Service,1,US Space Force,1,USA,16,USAF,18,UUV,1,Uyghur,3,Uzbekistan,11,Valuation,1,Vatican,1,Vedant,1,Venezuela,18,Venture Capital,3,Victim,1,Videogames,1,Vietnam,17,Virtual Reality,7,Vision 2030,1,VPN,1,Wahhabism,3,War,1,War Games,1,Warfare,1,Water,16,Water Politics,6,Weapons,9,Wearable,2,Weather,1,Webinar,1,WEF,2,Welfare,1,West,2,West Africa,16,West Bengal,2,Western Sahara,2,Whitepaper,1,WHO,3,Wikileaks,1,Wikipedia,1,Wildfire,1,Wildlife,2,Wind Energy,1,Windows,1,Wireless Security,1,Wisconsin,1,Women,10,Women's Right,10,Workshop,1,World Bank,23,World Economy,21,World Peace,10,World War I,1,World War II,3,WTO,6,Xi Jinping,7,Xinjiang,1,Yemen,26,Zbigniew Brzezinski,1,Zimbabwe,2,
ltr
item
IndraStra Global: Sri Lankan Parliament Passes Colombo Port City Bill
Sri Lankan Parliament Passes Colombo Port City Bill
By IndraStra Global News Team
https://1.bp.blogspot.com/-9yK6XBNG7kU/YLCEzjC3n_I/AAAAAAAAHjc/nVdsFM7ta8A5jNkEs1cfD4HJ2L_MyPVgwCLcBGAsYHQ/w640-h320/AIDN007012021%2B-%2B2021-05-28T112054.709.gif
https://1.bp.blogspot.com/-9yK6XBNG7kU/YLCEzjC3n_I/AAAAAAAAHjc/nVdsFM7ta8A5jNkEs1cfD4HJ2L_MyPVgwCLcBGAsYHQ/s72-w640-c-h320/AIDN007012021%2B-%2B2021-05-28T112054.709.gif
IndraStra Global
https://www.indrastra.com/2021/05/sri-lankan-parliament-passes-colombo.html
https://www.indrastra.com/
https://www.indrastra.com/
https://www.indrastra.com/2021/05/sri-lankan-parliament-passes-colombo.html
true
1461303524738926686
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content