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Colombo Port City receives approval for Businesses of Strategic Importance

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The Colombo Port City Economic Commission has achieved a significant milestone in its journey, to transform the Colombo Port City into a globally competitive special economic zone (SEZ). The parliament of Sri Lanka recently approved a comprehensive incentives programme proposed by the Commission in consultation with the Minister of Investment Promotion, in relation to the guidelines for granting exemptions or incentives to businesses designated as Businesses of Strategic Importance (BSI). This was published by Extraordinary Gazette No. 2343/60, on August 04th, 2023, a press release said.

The release added: ‘Established under the Colombo Port City Economic Commission Act, No. 11 of 2021 (Act), the Commission aims to attract global investors, promote economic stability, and position Sri Lanka as a leader in service exports. In accordance with the Act, the Commission identified businesses important for the success of the Colombo Port City to be designated as a BSI and recommended exemptions or incentives from the scheduled statutes of the Act.

‘To offer a competitive value proposition to potential investors, the Commission engaged with top international advisory firms such as PricewaterhouseCoopers, Ernst & Young, KPMG, and Boston Consulting Group for international benchmarking of selected factors. These collaborations resulted in a proposed framework that establishes Colombo Port City as a globally competitive SEZ with transparent regulations and good governance principles, along with proposed sector incentives.

‘Businesses of Strategic Importance in Colombo Port City are classified into two groups: “Primary Businesses of Strategic Importance” and “Secondary Businesses of Strategic Importance”. Primary businesses involve the development of physical infrastructure of USD 100 million per land plot or USD 25 million in the Marina or Social Infrastructure. Secondary businesses encompass sectors such as international trade, shipping logistics, banking and financial services, information technology, and tourism, among others.

‘For “Primary Businesses of Strategic Importance,” two optional incentive schemes are available. Scheme A offers exemptions or incentives from relevant enactments for 25 years, along with 50% off the prevalent corporate tax rate for 10 years after the initial 25-year period. Scheme B provides an enhanced capital allowance of 300% on depreciable assets used within Colombo Port City, with deductions allowed for up to 40 years. All Authorized Persons thus qualified must select their preferred structure at the outset.

‘For “Secondary Businesses of Strategic Importance”, there are 04 alternatives of eligibility criteria for receiving the incentives or exemptions. The criteria laid out are 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 Colombo Port City. Secondary Businesses of Strategic Importance will be eligible for exemptions or incentives from scheduled statutes of the Act for 25 years.’



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Charting a worker-centered AI future: Colombo hosts landmark ITF conference

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The ITF’s first-ever AI-focused global conference and the first of its kind hosted in Sri Lanka

By Sanath Nanayakkare

Artificial intelligence and automation present serious challenges for workers – such as job consequences seen in docks and rail systems – and emphasises that workers cannot simply stop technological progress. By gathering young trade unionists in Sri Lanka, the ITF aims to establish key principles for engaging with technology, ensuring workers have a strong voice at the bargaining table, and encouraging constructive social dialogue with corporations and governments.

These compelling words from ITF General Secretary Stephen Cotton underscored the urgent reality facing modern labor as rapid technological advancements sweep across global industries.

Confronting this shifting landscape head-on, the International Transport Workers’ Federation (ITF), in partnership with the National Union of Seafarers of Sri Lanka (NUSS), convened a ground-breaking conference on artificial intelligence in Colombo from September 15–17.

As the ITF’s first-ever AI-focused global conference and the first of its kind hosted in Sri Lanka, the landmark event marked a critical milestone in balancing technological innovation with worker-centered safeguards.

Representing over 16.6 million transport workers worldwide, the ITF designed the gathering to tackle the multifaceted impacts of AI on safety, operations, workforce development, and governance. Rather than resisting progress, the conference focused on proactive engagement, establishing guiding principles to protect workers’ rights and privacy both at sea and on land.

Key discussions centred on sharing best practices for upskilling and reskilling transport personnel, ensuring that human oversight remains central to AI-driven logistics, routing, and maintenance.

Reflecting on the historic nature of the event, Boa Athu, CEO of National Union of Seafarers Asia Pacific, noted that the conference represented a monumental moment as AI emerges as a permanent fixture of contemporary life.

Highlighting NUSS’s pride in hosting the event in Colombo, Athu emphasised that AI offers transformative potential when guided by strong social dialogue, equitable access to training, and robust governance safeguards.

Ultimately, the Colombo conference demonstrated that the future of transport must be shaped by those who keep the world moving. By uniting international labour leaders, affiliates, port operators, and regulators, the event laid a vital foundation for inclusive policy frameworks that champion fair labour standards, securing a powerful voice for workers in an automated tomorrow.

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Bridging the digital divide: Sri Lanka’s airport licence challenge

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As tourism surges from digitally advanced markets like India, modern independent travelers arriving at BIA find themselves caught in a mismatch between cloudstored credentials and local paper-based transport protocols.

By Sanath Nanayakkare

As Sri Lanka experiences a surge in visitors from its largest tourist market, India, a modern administrative hurdle has emerged at Bandaranaike International Airport (BIA).

While nations like India and Pakistan have successfully transitioned to fully digital driving licences and cashless ecosystems, Sri Lanka’s Department of Motor Traffic counter still requires a physical card to issue temporary local permits, The Island Financial Review learns.

This mismatch creates significant friction for independent travelers who rely entirely on smartphones and cloud-stored credentials. Tourists turned away at the airport – and sometimes redirected to the Werahera office in vain – find themselves unable to legally rent and drive vehicles. Consequently, this policy gap harms local car rental operators, causes tourist frustration, and deprives the government of valuable permit revenue.

The situation highlights a distinct irony: Sri Lankan motorists easily travel abroad using International Driving Permits that are readily accepted in India and Pakistan, yet local infrastructure cannot reciprocate due to outdated verification systems.

Recognizing the problem, Department of Motor Traffic officials have noted that upgrades and new equipment are currently in the works to integrate foreign digital platforms.

For a nation aggressively pursuing a national digitalisation drive, rapidly modernising these transport protocols is essential to keeping pace with global travelers and unlocking the full potential of its tourism economy.

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International Afro-Latin Dance Festival in Colombo to grow into a larger regional tourism draw

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Founder X Director – ALIF – J D RUBAN

ALIF-SL, Sri Lanka’s first-ever international Afro-Latin dance festival, returns for its 4th edition from 25 to 27 September 2026 at the Galle Face Hotel, Colombo. The festival will bring together over 30 international and national artists and 175–200 participants from more than 20 countries, reaffirming its place as the region’s leading platform for Salsa, Bachata and Kizomba.

This year’s edition is headlined by Tropical Gem, the world’s No. 1 salsa team, travelling from Italy to perform and teach alongside a stellar international line-up. Attendees can also look forward to the ALIF Cup Sri Lanka Open, a keenly contested competition judged by an international panel, giving local dancers a rare opportunity to compete and connect with world-class talent.

“Every year, ALIF connects Sri Lanka to the world. With this year’s artist line-up and the ALIF Cup competition, we’re not just hosting a festival, we’re putting Sri Lanka on the map as a top destination for dance,” said JD Ruban, Founder and Director of ALIF-SL

Beyond the dance floor, ALIF-SL continues to support Sri Lanka’s tourism sector, drawing dancers, judges and enthusiasts from across the globe to Colombo and positioning the capital as an emerging regional hub for social dance. Organizers plan to grow the festival into a larger regional tourism draw, introduce new competition categories, and bring in even bigger headline acts in future editions.

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