
Port City Colombo () is a multi-services
special economic zone
A special economic zone (SEZ) is an area in which the business and trade laws are different from the rest of the country. SEZs are located within a country's national borders, and their aims include increasing trade balance, employment, increas ...
located in
Colombo
Colombo, ( ; , ; , ), is the executive and judicial capital and largest city of Sri Lanka by population. The Colombo metropolitan area is estimated to have a population of 5.6 million, and 752,993 within the municipal limits. It is the ...
,
Sri Lanka
Sri Lanka, officially the Democratic Socialist Republic of Sri Lanka, also known historically as Ceylon, is an island country in South Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal, separated from the Indian subcontinent, ...
, which is currently under construction on reclaimed land adjacent to the
Galle Face Green
Galle Face Green is a ocean-side urban park, which stretches for along the coast, in the heart of Colombo, the financial and business capital of Sri Lanka. The promenade was initially laid out in 1859 by Governor Sir Henry George Ward, alth ...
. The
land reclamation
Land reclamation, often known as reclamation, and also known as land fill (not to be confused with a waste landfill), is the process of creating new Terrestrial ecoregion, land from oceans, list of seas, seas, Stream bed, riverbeds or lake ...
work had been completed as of January 2019. In 2017, the cost was slated to be
US$
The United States dollar (Currency symbol, symbol: Dollar sign, $; ISO 4217, currency code: USD) is the official currency of the United States and International use of the U.S. dollar, several other countries. The Coinage Act of 1792 introdu ...
15 billion. Port City Colombo is a multi-billion-dollar FDI-funded Public Private Partnership (PPP).
Port City Colombo aims to facilitate connections to the South Asian market through investment opportunities, international business environments, world-class infrastructure, and high-quality sustainable living.
Upon completion, Port City Colombo will feature five distinct precincts: the Financial District, Central Park Living, Island Living, the Marina, and the International Island. The city will additionally encompass over 6.4 million square metres of new developments in residences, healthcare, education, entertainment, hotels, restaurants, retail, and commercial complexes.
In May 2021, the
Parliament of Sri Lanka
The Parliament of the Democratic Socialist Republic of Sri Lanka (Sinhala: ශ්රී ලංකා පාර්ලිමේන්තුව ''Śrī Laṇkā Pārlimentuvā'', Tamil: இலங்கை நாடாளுமன்றம் '' ...
approved the
Port City Commission Bill to establish the Colombo Port City Special Economic Zone and Economic Commission. Under this law, companies can be exempt from all taxes, personal, corporate, excise, import, and every other tax for up to forty years.
Geography
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 .
Special Economic Zone
As a
Special Economic Zone
A special economic zone (SEZ) is an area in which the business and trade laws are different from the rest of the country. SEZs are located within a country's national borders, and their aims include increasing trade balance, employment, increas ...
(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.
Feature Developments
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
Background
The Port City was claimed to be a concept of former
President
President most commonly refers to:
*President (corporate title)
* President (education), a leader of a college or university
*President (government title)
President may also refer to:
Arts and entertainment Film and television
*'' Præsident ...
Mahinda Rajapaksa
Mahinda Rajapaksa (; ; born Percy Mahendra Rajapaksa; 18 November 1945) is a Sri Lankan politician. He served as the sixth President of Sri Lanka from 2005 to 2015; the Prime Minister of Sri Lanka from 2004 to 2005, 2018, and 2019 to 2022; the ...
, who was apparently inspired while inspecting the landfill being constructed for the Colombo South port.
The modern Port City Colombo was based on a concept proposal submitted by
China Harbour Engineering Company
China Harbour Engineering Company Ltd (CHEC) is an engineering contractor and a subsidiary of China Communications Construction Company (CCCC), providing infrastructure construction, such as marine engineering, dredging and reclamation, road a ...
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.
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
Mahinda Rajapaksa (; ; born Percy Mahendra Rajapaksa; 18 November 1945) is a Sri Lankan politician. He served as the sixth President of Sri Lanka from 2005 to 2015; the Prime Minister of Sri Lanka from 2004 to 2005, 2018, and 2019 to 2022; the ...
and
General Secretary of the Chinese Communist Party
The general secretary of the Central Committee of the Chinese Communist Party ( zh, s=中国共产党中央委员会总书记, p=Zhōngguó Gòngchǎndǎng Zhōngyāng Wěiyuánhuì Zǒngshūjì) is the leader of the Chinese Communist Part ...
Xi Jinping
Xi Jinping, pronounced (born 15 June 1953) is a Chinese politician who has been the general secretary of the Chinese Communist Party (CCP) and Chairman of the Central Military Commission (China), chairman of the Central Military Commission ...
.

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.
The Port City Colombo is governed by an independent authority and will not be subject to the
Colombo Municipal Council
The Colombo Municipal Council is the municipal governing body of Colombo, the largest city and financial centre in Sri Lanka. It consists of a directly elected executive Mayor of Colombo, and elected 119 municipal councilors. The council was f ...
. A special legal framework would enable it to operate on a subset of
commercial law
Commercial law (or business law), which is also known by other names such as mercantile law or trade law depending on jurisdiction; is the body of law that applies to the rights, relations, and conduct of Legal person, persons and organizations ...
, in terms of contracts and commercial transactions with its own
Special Colombo Financial Court serving as the
court of first instance
A trial court or court of first instance is a court having original jurisdiction, in which trials take place. Appeals from the decisions of trial courts are usually heard by higher courts with the power of appellate review (appellate courts). ...
and provision of appeal to the
Supreme Court of Sri Lanka
The Supreme Court of Sri Lanka (; ) is the Supreme court, highest court in Sri Lanka and the final judicial instance of record. Established in 1801 and empowered to exercise its powers subject to the provisions of the Constitution of Sri Lanka ...
. It would have its own international commercial dispute resolution center for arbitration proceedings.
Land reclamation
Port City Colombo consists of around 269 hectares of reclaimed land where all land titles are vested with the Government of Sri Lanka.

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. This was successfully completed in January 2019 according to the Ministry of Megapolis and Western Development.
The project was around three months ahead of its targeted completion as of January 2019.
Basic infrastructure

''
China Daily
''China Daily'' ( zh, s=中国日报, p=Zhōngguó Rìbào) is an English-language daily newspaper owned by the Central Propaganda Department of the Chinese Communist Party.
Overview
''China Daily'' has the widest print circulation of any ...
'' 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.
The Road Development Authority had sent approval for the new road network and piling work had begun for the nine bridged by January 2019.
Investments
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.
FinTech hub
Fintech Association of Sri Lanka
FinTech Association of Sri Lanka (FASL) is an independent, not-for-profit cross-industry organisation representing Sri Lankan and the global FinTech community to support the development, innovation and investment in the FinTech sector.
FASL is ...
(FASL) has launched an initiative to draft a report titled, ''Enhancing Colombo International Financial City (Port City Colombo) as a Leading
Fintech
Financial technology (abbreviated as fintech) refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, ...
Hub in South Asia'' to submit to the
President of Sri Lanka
The president of Sri Lanka ( ''Śrī Laṅkā Janādhipati''; ''Ilaṇkai janātipati'') is the head of state and head of government of the Democratic Socialist Republic of Sri Lanka. The president is the chief executive of the union governm ...
; 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
The University of Hong Kong (HKU) is a public research university in Pokfulam, Hong Kong. It was founded in 1887 as the Hong Kong College of Medicine for Chinese by the London Missionary Society and formally established as the University of ...
(HKU) as the chief consultant.
Sustainability
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.
Gallery
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
*
References
External links
{{Economy of Sri Lanka
Economy of Colombo
Proposed populated places
Offshore finance
Finance in Sri Lanka
Land reclamation