Fri, 29 Mar 2024 Today's Paper

UK company law for businesses in Port City: PM

By

29 January 2016 06:32 am - 0     - {{hitsCtrl.values.hits}}

A A A



The UK company law would apply to the businesses that operate in the proposed business and financial district in the US $ 1.4 billion Chinese-financed Colombo Port City, Prime Minister Ranil Wickremesinghe said. Wi c k r e m e s i n g h e mentioned this during a panel discussion he took part at the World Economic Forum held in Davos, Switzerland last week.

“The Port City will become a separate financial and business district, where the UK company laws will apply, and there will be a separate mechanism for resolution of legal disputes,” he said. Responding to a question regarding Chinese investments in the country, Wickremesinghe said the “character” of Chinese investments had changed from Chinese Exim Bankled infrastructure projects to private investments.

“They (Chinese) have agreed to set up a dockyard in Hambantota, followed by a large-scale industrial zone of the Chinese-style and we have decided to go ahead with the Port City.” Wi c k r e m e s i n g h e said, his and President Maithripala Sirisena’s national unity government, was restructuring the economy, which largely depends on workers remittances, apparel and commodity exports. “We want to make Sri Lanka a hub for global value chains, a platform for competitive value addition; we’ll open this (economy) out.”

Sri Lanka has already entered into two free trade agreements (FTA) with India and Pakistan and is negotiating another one with China. The government is also currently in negotiations with India to extend the existing FTA with India to the services sector, by opening up certain earmarked sectors under the proposed Economic and Technical Co-operation Agreement An FTA with Singapore is also in the pipeline. Meanwhile, Wickremesinghe invited the country’s private sector to partner the government to develop a highly skilled labour force. “We cannot be a low-wage economy; young people have aspirations and you have to meet these aspirations…otherwise they will turn on us,” he stressed.

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

  Comments - 0

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment





Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

VAT increase: SOUNDs death knell for publishers, readers

Though the Government imposed VAT (Value Added Tax) on vegetables and other e

How female change-makers are driving Sri Lanka’s energy saving platform

Saving energy has become more of a responsibility than a habit in today’s c

A dull Ramadan awaits Muslims amidst the Soaring Cost of Living

In the coming days, Muslims across the world will welcome the Holy Month of R

New wildlife underpass to curtail HEC

As of February 2024, Sri Lanka lost another 38 elephants as a result of the H