The Colombo Port City has secured US$2.1 billion in confirmed investments, while the government is targeting a further US$4.1 billion in investments over the next five years, Deputy Minister of Industry and Entrepreneurship Development Chaturanga Abeysingha stated.
The Deputy Minister said the investment target would be supported by several major development projects currently being implemented within the Port City.
These include two large-scale residential projects, a modern hotel and a convention centre, according to Abeysinghe.
Port City Promoted as Key Investment Opportunity
In a statement posted on social media, Deputy Minister Chaturanga Abeysingha said Colombo Port City was presented as a major investment opportunity at an Australian investment summit held last week.
He said several of the investments already confirmed involve leading international investors.
Abeysinghe also said the government has taken steps to revise the tax incentives available within the Port City, with the aim of bringing them in line with international standards while maintaining the development’s attractiveness to investors.
New Tax Incentives
Under the revised system, primary investments will be eligible for tax concessions ranging from 15 to 23 years, while secondary investments will receive a reduced tax rate for a period of four years, according to the Deputy Minister.
He further said the investments confirmed for the Port City are in addition to investments secured through the Sri Lanka Board of Investment (BOI).
Stability Key to Attracting Investment
The Deputy Minister stressed that tax incentives alone are not sufficient to attract international investors.
He said economic stability, investor confidence, connectivity and a clear economic vision are also essential factors in creating an attractive investment environment.
The government is currently working to establish such an environment while pursuing its target of attracting US$4.1 billion in investments to the Port City over the next five years, Abeysinghe said.
