The awe-inspiring Port City Colombo is a master-planned city development located in the commercial city of Colombo initiated to transform a reclaimed land area into a modern, integrated city and special economic zone set to attract local and international investment, fostering economic growth, and enhancing the country’s global trade and financial standing.
This landmark development owned solely by the Government and people of Sri Lanka is currently undergoing a remarkable transformation. What was once a vision, is now gradually evolving into a thriving hub of modernity and progress. The project’s development journey has been marked by meticulous planning, groundbreaking engineering, and strategic partnerships.
The reclaimed land will extend Sri Lanka’s coastline while skyscrapers will soon rise to pierce the Colombo skyline. Port City Colombo’s emergence as a global business and lifestyle destination will then be undeniable. This ambitious endeavor will reshape the city’s physical landscape while reshaping the economic and cultural fabric of the entire region through the Port City Colombo Special Economic Zone. A regional first, the Special Economic Zone will be foreign currency designated and dedicated to the export of services, transforming Port City Colombo into a regional hub for businesses and investors. The Port City Colombo Economic Commission (CPCEC/ The Commission) was established to provide a conducive regulatory framework for this endeavor.
An Overview of the Commission
The government of Sri Lanka established the Port City Economic Commission to oversee and regulate the development and operations of the Port City Colombo. Playing a vital role in shaping the future of the Port City and attracting investors, this commission also ensures the alignment of the project with economic, social, and environmental goals.
The Commission is the sole entity of the Government of Sri Lanka, which is entrusted and authorized, by way of the Port City Economic Commission Act, No. 11 of 2021, with the administration, regulation, and control of, all matters connected with businesses and other operations, in and from the Area of Authority of Port City Colombo – as the Single Window Investment facilitator for the promotion of ease of doing business within Port City Colombo and is responsible for the granting of incentives or exemptions to the investor for the promotion of Businesses of Strategic Importance within the SEZ.
Upholding the vision to be a world-class service-oriented Special Economic Zone, the Commission is poised to take forward its mission to boost and facilitate businesses and accelerate sustainable economic growth by creating inherent value for investors and generating opportunities for stakeholders by providing a smart city, while adhering to environmental sustainability that will position Port City Colombo as the preferred investment destination in the entire region.
Facilitating business, enhancing investor confidence, promoting international trade, shipping, logistics, IT, promoting development and entrepreneurship, promoting tourism, generating employment opportunities, promoting sustainable development, promoting urban amenity operations, promoting Port City Colombo as a Special Economic Zone, and attracting foreign direct investments are some of the main objectives of the commission. Fortified with all the above objectives, the Commission strives to pave the way for responsible practices.
Key Responsibilities
Tasked with a range of critical responsibilities that revolve around regulating, managing, and promoting the Port City’s development, The Port City Economic Commission plays a vital oversight role. Some of its key functions include:
1. Regulatory Oversight: One of the main responsibilities of the Commission is to formulate and implement regulations, guidelines, and policies that govern the various aspects of the Port City’s development, including the use of land, construction, business operations, and environmental standards.
2. Attracting Investment: The Commission plays an important role in facilitating investment by creating a business-friendly environment, streamlining approval processes, and providing the necessary infrastructure to achieve one of the main objectives of the Port City which is to attract local and foreign investment.
3. Infrastructure Development: Ensuring that the Port City has the required infrastructure, such as transportation networks, utilities, and public facilities, to support its growth and functionality is another task overlooked by the Commission.
4. Environmental Sustainability: The Commission oversees environmental considerations within the Port City’s development, promoting eco-friendly practices and ensuring adherence to environmental regulations, keeping in line with global sustainability trends.
5. Promotion of Innovation: The Commission will take steps to encourage research, development, and the adoption of cutting-edge technologies making the Port City a hub of innovation and technological advancement.
Composition and Governance
The Port City Economic Commission is typically composed of appointed members with diverse expertise in areas such as law, economics, urban planning, and finance. It operates under the guidance of the Ministry responsible for economic development and is accountable to the government of Sri Lanka. The Commission Members who steer the project are as follows.
- Mr. Dinesh Weerakkody, Chairman / Commission Member
- Dr. Priyath B. Wickrama, Commission Member
- Mr. Saliya Wickramasuriya, Commission Member
- Mr. Mahinda Siriwardena, Secretary to the Treasury / Commission Member
- Mr. Reyaz Mihular, Commission Member
- Mr. Niranjan Arulpragasam, Commission Member
- Mr. E. D. P. Soosaipillai, Commission Member
The establishment and operation of the Port City Economic Commission assist in the pursuit of creating a modern, prosperous urban center within the Colombo Port City. Striking a harmonious equilibrium between attracting investment and ensuring sustainable, inclusive development, the Commission plays a vital role in shaping the future of the Port City and contributing to the overall economic growth of the nation.
