Port City Colombo

Port City Colombo is located in the metropolis of Colombo, Sri Lanka, which is positioned within South Asian trade routes. The master-planned city is to be constructed between the southern edge of the new Colombo South Port and the Fort Lighthouse. The total area of sea to be reclaimed is {{cvt|269|ha}}.{{Cite web |title=Port City to attract US$ 13 bn investment from 2018: company - Business News {{!}} Daily Mirror |url=https://www.dailymirror.lk/business-news/Port-City-to-attract-US-bn-investment-from-company/273-126579 |access-date=2024-03-07 |website=www.dailymirror.lk |language=English}}{{Cite web |date=2014-05-02 |title=Formula One Track To Be Built On Planned 'New Port City' Colombo {{!}} The Sunday Leader |url=http://www.thesundayleader.lk/2011/01/09/formula-one-track-to-be-built-on-planned-%E2%80%98new-port-city%E2%80%99-colombo/ |archive-url=https://web.archive.org/web/20140502212102/http://www.thesundayleader.lk/2011/01/09/formula-one-track-to-be-built-on-planned-%E2%80%98new-port-city%E2%80%99-colombo/ |url-status=dead |archive-date=2014-05-02 |access-date=2024-03-07 }}

As a Special Economic Zone (SEZ) governed by the Colombo Port City Economic Commission (CPCEC), Port City Colombo aims to be a business-friendly environment for investors. The SEZ includes tax incentives and exemptions of up to 25 years for Businesses of Strategic Importance (BSIs), transactions in 16 designated foreign currencies with no capital or exchange controls, 100% foreign ownership of businesses, 100% capital and profit repatriation, and flexible employee management practices. Employees will additionally benefit from 0% personal income tax, remuneration in foreign currency, and the provision of preferential visas of 5–10 years (for spouses and children).

The Colombo Port City SEZ plans to carry out business operations in key service-oriented sectors such as IT/ITes (IT-enabled services), finance services, shipping logistics and maritime services, professional services, corporate headquarters operations, tourism, entertainment, and sustainable development.

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Future developments at Port City Colombo are focused on creating a favourable environment for business, investment, and lifestyle. Some of these include:

• Colombo International Financial Centre (CIFC)
• Luxury Yacht Marina
• International school
• International university
• Convention Centre
• International hospital
• Integrated resort
• Luxury villas
• Luxury marina residence
• Luxury beach resort
• Iconic hotel
• Marina hotel
• Downtown duty-free facility

The Port City was claimed to be a concept of former President Mahinda Rajapaksa, who was apparently inspired while inspecting the landfill being constructed for the Colombo South port.{{cite web |title=Formula One Track To Be Built On Planned 'New Port City' Colombo |url=http://www.thesundayleader.lk/2011/01/09/formula-one-track-to-be-built-on-planned-%E2%80%98new-port-city%E2%80%99-colombo/ |url-status=dead |archive-url=https://web.archive.org/web/20140502212102/http://www.thesundayleader.lk/2011/01/09/formula-one-track-to-be-built-on-planned-%E2%80%98new-port-city%E2%80%99-colombo/ |archive-date=2 May 2014 |access-date=2 May 2014 |publisher=Thesundayleader.lk}}{{cite news|url=http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=136525|title=The Megapolisation of Colombo: Is a compromise on Port City achievable?|newspaper=The Island|first=Rajan|last=Philips|date=5 December 2015}}{{cite web|url=http://icaruswept.com/2015/03/29/this-is-the-colombo-port-city/|title=This is the Colombo Port City?|last=Wijeratne|first=Yudhanjaya|author-link=Yudhanjaya Wijeratne|website=www.icaruswept.com|archive-url=https://web.archive.org/web/20171225114710/http://icaruswept.com/2015/03/29/this-is-the-colombo-port-city/|archive-date=25 December 2017|url-status=dead}} The modern Port City Colombo was based on a concept proposal submitted by China Harbour Engineering Company{{cite news|title=Critical Analyses of Colombo Port City Project|url=http://www.dailymirror.lk/63749/critical-analyses-of-colombo-port-city-project|newspaper=Daily Mirror|date=16 December 2014}}

File:Viewpoint @ Portcity.jpg

The construction was set to begin in March 2011, but the project was put on hold due to several circumstances. In mid-2012, the Sri Lankan Ports Authority (SLPA) announced that the construction of the then Port City Colombo project would commence on 17 September 2014. The budget was estimated to be $1.4 billion.{{cite web |author=Gamini Gunaratna, Sri Lanka News Paper by LankaPage.com (LLC)- Latest Hot News from Sri Lanka |url=http://www.colombopage.com/archive_12A/Jul30_1343633133CH.php |title=Construction of Sri Lanka's port city to begin later this year |publisher=Colombopage.com |date=30 July 2012 |access-date=2 May 2014 |archive-url=https://web.archive.org/web/20140119024155/http://www.colombopage.com/archive_12A/Jul30_1343633133CH.php |archive-date=19 January 2014 |url-status=dead }}

The reclamation was to be carried out by China Harbor Engineering Corporation, who has been engaged by the investor.

Construction of the Port City Colombo project was launched on 17 September 2014 by former Sri Lankan President Mahinda Rajapaksa and General Secretary of the Chinese Communist Party Xi Jinping.{{cite web|url=http://www.news.lk/news/business/item/2987-colombo-port-city-project-will-be-launched-today|title=Colombo Port City Project Launched|publisher=News.lk|date=17 September 2014}}

File:Colombo Port City seem from galle road..jpg

The Port City Colombo was suspended after the end of the Rajapaksa government in 2015 due to alleged claims related to the sovereignty of Sri Lanka and adverse environmental impacts.{{Cite web |date=16 March 2015 |title=Outright land ownership to China at Port City dangerous, points out maritime sector veteran: Interview {{!}} Adaderana Biz English {{!}} Sri Lanka Business News |url=http://bizenglish.adaderana.lk/outright-land-ownership-to-china-at-port-city-dangerous-points-out-maritime-sector-veteran-interview/ |access-date=31 October 2015 |website=bizenglish.adaderana.lk}}{{Cite web|url=http://www.dailymirror.lk/59031/colombo-port-city-will-be-scrapped-ranil|title=Colombo Port City will be scrapped: Ranil|date=16 December 2014|newspaper=Daily Mirror|access-date=17 December 2014}}{{Cite web|url=http://colombogazette.com/2015/10/31/port-city-project-will-resume-under-new-agreement/|title=Port city project will resume under new agreement|newspaper=Colombo Gazette|date=31 October 2015|access-date=31 October 2015}}

The Port City Colombo is governed by an independent authority and will not be subject to the Colombo Municipal Council. A special legal framework would enable it to operate on a subset of commercial law, in terms of contracts and commercial transactions with its own Special Colombo Financial Court serving as the court of first instance and provision of appeal to the Supreme Court of Sri Lanka. It would have its own international commercial dispute resolution center for arbitration proceedings.{{cite news |title=Sri Lanka to create special economic zone law, financial court, for Port City |url=https://economynext.com/sri-lanka-to-create-special-economic-zone-law-financial-court-for-port-city-11942/ |access-date=31 October 2019 |publisher=Economynext}}{{cite news |last1=Sirimanna |first1=Bandula |title=Constitutional amendment required for Port city laws |url=http://www.sundaytimes.lk/170827/business-times/constitutional-amendment-required-for-port-city-laws-256014.html |access-date=31 October 2019 |publisher=Sunday Times}}

Port City Colombo consists of around 269 hectares of reclaimed land where all land titles are vested with the Government of Sri Lanka.

File:ColomboHarbour-November2015-04.JPG

At a question and answer section in July 2018, the Prime Minister stated that the land reclamation would be finished within one year and that construction should begin by next year, and that the government seeking assistance in establishing the legal construct for the administrative area.{{Cite web|date=11 July 2018|title=CIFC laws before Cabinet in two months: PM|url=http://www.ft.lk/top-story/CIFC-laws-before-Cabinet-in-two-months--PM/26-658808|access-date=2021-04-26|website=Daily FT|language=English}} This was successfully completed in January 2019 according to the Ministry of Megapolis and Western Development.{{Cite web |date=15 January 2019 |title=Sri Lanka's Port City completes land reclamation |url=http://www.colombopage.com/archive_19A/Jan15_1547571984CH.php |access-date=2019-05-01 |website=Colombo Page}}

The project was around three months ahead of its targeted completion as of January 2019.{{Cite news |date=2019-01-16 |title=Colombo Port City project is of great importance to us, says Chinese envoy |url=https://www.business-standard.com/article/international/colombo-port-city-project-is-of-great-importance-to-us-says-chinese-envoy-119011600650_1.html |access-date=2019-05-01 |work=Business Standard India |agency=Press Trust of India}}

File:Footbridge - Port City.jpg

China Daily reported in April 2019 that the hydro structural construction would be complete by the middle of 2019, with the construction of municipal facilities being completed by July 2020.{{Cite web|date=22 April 2019|title=Belt and Road projects: Past, present, future|url=https://www.chinadaily.com.cn/a/201904/22/WS5cbcf141a3104842260b7627_6.html|access-date=26 April 2020|website=China Daily|page=6}}

The Road Development Authority had sent approval for the new road network and piling work had begun for the nine bridged by January 2019.{{Cite web|date=15 January 2019|title=Tripartite agreements for Port City investments|url=http://www.ft.lk/top-story/Tripartite-agreements-for-Port-City-investments/26-670863|access-date=2021-04-26|website=Daily FT|language=English}}

By December 2020, Sri Lankan conglomerate LOLC Holdings leased out five land parcels amounting to $200 million and signed an agreement with China Harbour Engineering for a mixed development project, with the investment value totaling $1 billion. The project includes residential, commercial and retail assets set to break ground in mid-2021. This is the first major investment in Port City Colombo.{{Cite web|date=2020-12-25|title=LOLC and CHEC to invest in Port City Colombo|url=http://archives1.sundayobserver.lk/2020/12/27/business/lolc-and-chec-invest-port-city-colombo|access-date=2021-04-26|website=Sunday Observer|language=en}}

Fintech Association of Sri Lanka (FASL) has launched an initiative to draft a report titled, Enhancing Colombo International Financial City (Port City Colombo) as a Leading Fintech Hub in South Asia to submit to the President of Sri Lanka; the initiative is being assisted by a number of fintech experts globally and Professor Douglas Arner, Kerry Holdings Professor in Law at the University of Hong Kong (HKU) as the chief consultant.{{Cite web|date=2023-10-09|title=Colombo Int'l Financial City as top fintech hub - FASL|url=https://www.dailynews.lk/2023/10/09/business/159019/colombo-intl-financial-city-as-top-fintech-hub-fasl/|website=Daily News (Sri Lanka)|language=en|access-date=2023-10-24}}

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Before land was reclaimed for the development of Port City Colombo, Environmental Impact Assessments (EIAs) were conducted to make sure the construction of the Special Economic Zone follows sustainable practices.

The layout and the development of the city’s infrastructure are meant to support sustainability and the Port City Colombo’s master plan includes several green spaces across the plot. Development Control Regulations also incentivise developers who meet green building standards.

Port City Colombo is following eco-friendly infrastructure development practices by opting for sustainable design, renewable energy, and energy-efficient building standards. Once the construction is completed, Port City Colombo is expected to have a non-motorised transport system that encourages walking and cycling through shaded walkways and an integrated Light Rail Transit (LRT) system.

File:DJI 0153 1-HDR Edit.jpg|Port City Colombo

File:航拍图 (2).jpg|Port City Colombo

File:Progress Update of Port City Colombo.jpg|Coral Reef at Port City Colombo

File:DJI 0123-HDR-Edit.jpg|Port City Colombo - Marina

File:DJI 0059-HDR-Edit.jpg|Pedestrian Bridge at Port City Colombo

File:DJI 0025-HDR-Edit.jpg|Port City Colombo Beach

File:DJI 0269-3.png|Port City Colombo - Progress Update

File:DJI 0067-2.jpg|Port City Colombo view

{{Reflist}}

{{Commons category|Colombo International Financial City|position=left}}

{{Economy of Sri Lanka}}

Category:Economy of Colombo

Category:Proposed populated places

Category:Offshore finance

Category:Finance in Sri Lanka

Category:Land reclamation