The landscape for the Port City has undergone notable changes since the initial assessment of its economic impact by PwC Sri Lanka in early 2020, the most significant of which is the enactment of the Colombo Port City Economic Commission Act, No. 11 of 2021 which recognizes the Port City as a multi-services Special Economic Zone.
As such, a comprehensive update has been undertaken to incorporate the effects of the newly enacted legislation as well CHEC Port City Colombo’s “Five Year Plot Roll-out Strategy” and a revision of the Master Plan to 6.3 million sqm of Gross Floor Area (compared to 5.7 million sqm used previously).
The Act provides for a number of measures that bolster ease of doing business within the Area of Authority with regard to setting up a business, obtaining building permits and approvals, employing workers and enforcing contracts which are crucial to achieve the objective of being a home for exporters of modern services such as information communication technology, maritime services, offshore banking and financial services, professional services and regional headquarters.
As per PwC estimates, these modern services could create up to USD 9 bn of economic value addition to GDP and have a significant positive effect of USD 5.3 bn to the Balance of Payments from service exports foreign earnings receipts annually, once the Port City reaches its full potential. The commercial sector is expected to create over 100,000 direct employment opportunities upon completion of the Port City Colombo.’’
