A special bill applicable to the Colombo Port City has been gazetted and it is proposed to set up a special commission with the power to act on the activities in that area. This Special Commission will comprise 5 to 07 Members and all the lands within the Port City area will be vested with proposed commission. It also will be responsible for providing infrastructure facilities as well as approvals to the investors in this Zone.
This special act is named as Colombo Port City Economic Commission Act and will be presented to the parliament next month. The Colombo Port City Commission is to identify an institution that facilitates investment and business activities in the port city and brings together all the relevant agencies. It is proposed to set up a one stop portal for investors. The Commission will also establish a specialized agency to regulate and promote investment promotion in the SEZ.
The Act also proposes that the members of the proposed Commission be appointed by the President and that experts be appointed in the fields of expertise in the fields of investment, international trade, law, information technology, and finance.