The International Chamber of Commerce Sri Lanka (ICCSL) in a statement issued yesterday said, “The Port City project will have a significant impact on the economy, in terms of much-needed FDIs to the country, together with the potential new employment and trade opportunities that the project will generate over time.”
The statement further added, “Special economic zones similar to this proposed Port City have been successfully established in many countries worldwide to attract FDIs. The Port City Commission Bill that aims to provide for a special economic zone to establish a commission to grant registrations, licences and other approvals to operate business in such economic zones underpins the governance of the Port City and is an essential requirement to be in place, for its success.”
ICCSL Chairman Dinesh Weerakkody noted, “To ensure its success, the concessions given would need to be in line with similar concessions given by other competing countries for such special economic zones.”
He however noted that several concerns raised, including the composition of the commission, must be addressed before the bill becomes law.
The ICCSL is the national committee of the International Chamber of Commerce (ICC). Globally, the ICC represents over six million member companies and over 43 million members globally in over 130 countries. The ICC’s founding mission is to promote widespread peace and economic prosperity.