Sri Lanka, Sept. 15 -- Designation of a business as a primary business of strategic importance under the Colombo Port City Economic Commission Act

Section 53 of the Colombo Port City Economic Commission Act, No. 11 of 2021, provides for the designation of a business as a business of strategic importance and the granting of exemptions or incentives to such businesses, subject to the approval of the Cabinet of Ministers.

Accordingly, Prime Melwa (Private) Limited, which has been proposed to be designated as a primary business of strategic importance, plans to invest US$112.2 million and Rs. 15.9 billion over the next several years. The company also plans to implement a landmark mixed-use waterfront development project within the Colombo P...