28 March 2024 12:00 am
CODEGEN Innovations has been approved as a secondary business of strategic importance to operate in the Colombo Port City special economic zone.
The Cabinet of Ministers approved the proposal presented by President Ranil Wickremesinghe, in his capacity as Minister of Investment Promotion, to grant the exemptions or incentives, as per the directives of the Colombo Port
City regulations.
The company, a division of the CODEGEN Group, is a technology solutions provider in the areas of software, data science, design and hardware.
The entity will invest US$ 500,000 with the aim of earning around US$ 15 million within five years while also creating over 400 jobs, gaining eligibility for receiving exemptions and incentives.
The Colombo Port City Economic Commission has identified businesses very important for the success of the Colombo Port City to be designated as Businesses of Strategic Importance, where secondary businesses encompass sectors such as international trade, shipping logistics, banking and financial services, information technology, and tourism, among others.
The eligibility criteria for the Secondary Businesses of Strategic Importance include revenue, employment creation, projected enterprise valuation growth or a significant contribution to enhancing social development in Sri Lanka and creating an international financial centre within the Port City.
(PC)