Business
Legal frameworks being put in place to usher ‘Gateway to South Asia’
The Colombo Port City Economic Commission (the Commission) recently published its Comprehensive Progress Report for the fiscal year 2023, spanning January to August. This period has seen remarkable developments within the Commission, Colombo Port City, and in regard to the finalization of legal frameworks for the Colombo Port City Special Economic Zone (SEZ), reinforcing the project’s status as a prime investment destination and the emerging “Gateway to South Asia”, a CPCEC press release said.
The release adds: ‘The Commission, as the Single Window Investment Facilitator, has been diligently working to streamline processes and foster a business-friendly environment for investors, businesses, and residents. In this endeavour, several key legal milestones have been achieved this year by the Commission, solidifying its commitment to building a robust business ecosystem within Colombo Port City.
‘The Asiri Port City Hospital Lease Agreement was signed with Asiri Port City Hospital (Private) Limited, paving the way for the execution of the Indenture of Lease and Investor Agreement, pending specific conditions, to establish a state-of-the-art hospital within the SEZ. The Colombo Port City (Duty-Free Operations) Rules, No. 01 of 2023, were also officially published in the Gazette on May 22, 2023, under reference number 2333/14.
‘Meanwhile, a strategic partnership was also forged between the Commission and the Ceylon Chamber of Commerce (CCC)-Institute for the Development of Commercial Law and Practice (ICLP) International ADR Centre (Guarantee) Limited (IADRC). This collaboration designates IADRC to provide Alternate Dispute Resolution Services within the jurisdiction of Colombo Port City, accompanied by an agreement with the Ministry of Justice to establish a world-class Arbitration Centre. The Colombo Port City Development Control Regulations (DCR) were also updated and published in the extraordinary gazette No 2334/47 on June 02nd, 2023.
‘Most notably, the Parliament of Sri Lanka approved a special incentives programme, designed in consultation with the Minister of Investment Promotion, to support businesses categorized as Businesses of Strategic Importance (BSI). This programme was published in Extraordinary Gazette No. 2343/60, on August 04th, 2023.
‘Highlighting the fast-paced progress within Colombo Port City, a number of achievements with regard to commercial development have been made. A Cabinet Memorandum facilitated Duty-Free operations and designated Duty-Free mall operators and retailers as Businesses of Strategic Importance. Government Notification No 2333/14 established Duty-Free Rules, outlining eligibility criteria for shoppers, permissible purchases, and applicable limits under the Port City Duty-Free regime. Key players, including Port City Duty-Free Private Limited and Duty-Free Retail operator One World Duty-Free (ODF) Pte Ltd, were officially inducted as Authorized Persons.
‘Alongside this, interior work on the Duty-Free Mall has progressed rapidly, with site handovers to retail operators expected in December 2023. A dedicated executive team from Sri Lanka Customs has also been appointed to oversee import procedures, clearance, and duty-free compliance. Collaborations with the Department of Excise have also been initiated to develop regulations aligned with trading hours and norms to enhance Colombo Port City’s appeal as a tourist destination. Meanwhile, preliminary approval from the Civil Aviation Authority was secured for a check-in facility for departing passengers at the Duty-Free Mall premises itself.
‘Making significant progress with regard to infrastructure and engineering, regulations governing Apartment Ownership and Condominium Management were drafted, and have been submitted to the Ministry of Investment Promotion. A number of site inspections have also been carried out, and have addressed infrastructure development issues identified in Phase I, enhancing overall development. These are quickly being addressed to make way for Phase II.
‘As a modern, tech-centric development, committed to sustainability, key progress milestones were achieved in this area as well, during the year. A committee, comprising IT/Technology leaders, Commission officials, and CHEC Port City Colombo representatives, was established to advise on technology-related matters, including smart city development.
‘A Memorandum of Understanding (MoU) with Mastercard has been inked to foster collaboration in data insights, technology innovation, sustainable growth, and digital accessibility. A Duty-Free verification system is also in development to monitor compliance when Port City Duty-Free operations commence. Meanwhile, the Commission also launched its official website(s) and mobile application, enhancing accessibility and convenience for stakeholders and visitors.
‘These accomplishments underscore the Commission’s unwavering commitment to fostering economic growth, innovation, and a dynamic business environment within Colombo Port City. With an optimistic future outlook, the Commission eagerly anticipates continued collaboration and progress during the remainder of the year and the upcoming year, building upon the foundation of success established so far in 2023. Investors can thus now confidently explore the opportunities that Colombo Port City offers the world as the Gateway to South Asia.’
Read the full Comprehensive Progress Report 2023 here:
https://www.portcitycolombo.gov.lk/news/n-20230914-1
Business
Sarvodaya Development Finance joins Global Banking Alliance, set to host annual board meeting in Sri Lanka
Remarking a new milestone in its pledged journey towards sustainable financing and inclusive financing,
Sarvodaya Development Finance PLC (SDF) has secured the full membership in the Global Alliance for Banking on Values (GABV), an international network of banks working to build a more sustainable and inclusive financial system.
Through this membership, Sarvodaya Development Finance PLC aims to strengthen its ability to create social and environmental impacts by expanding access to ethical financial tools, supporting community-led development, and promoting environmentally responsible lending. The alliance provides opportunities to engage with global peers, share practical knowledge, and adopt approaches that have worked in similar contexts around the world. It also allows Sarvodaya Development Finance PLC to align more closely with international standards on sustainable finance, build relationships with mission-aligned investors, and stay informed on evolving policy and regulatory trends. As part of this engagement, Sarvodaya Development Finance PLC will host the Asia Pacific Conference and the GABV Annual Board Meeting in Colombo on October 15–16, 2025, bringing together CEOs from over 12 countries to collaborate on advancing values-based banking across the region.
The 17th Annual Meeting of the Global Alliance for Banking on Values was held in Kampala, Uganda, under the theme “Building Resilient Futures.” The event brought leaders from over 70 member banks across more than 45 countries to the GABV network to discuss how values-based banks can respond to global challenges such as climate change, economic inequality, and digital transformation. Channa De Silva – the Chairman and the Nilantha Jayanetti – the Chief Executive Officer of Sarvodaya Development Finance PLC have represented the Company at this event.
Business
Sanjiv Hulugalle appointed CEO and General Manager of Cinnamon Life at City of Dreams Sri Lanka
A Global Hospitality Visionary Returns Home to Lead Sri Lanka’s Most Ambitious Integrated Resort
Cinnamon Life announces the appointment of Sanjiv Hulugalle as the Chief Executive Officer and General Manager of Cinnamon Life at City of Dreams Sri Lanka, marking a pivotal moment in the evolution of Sri Lanka’s hospitality landscape.
With a career that spans over three decades and 12 countries across five continents, Hulugalle brings to Cinnamon Life an unparalleled legacy in luxury hospitality, real estate development, and transformative leadership. From the Maldives to Canada, China to the UAE, he has been at the helm of some of the world’s most prestigious hospitality and real estate ventures.
Previously the Group President of Hospitality & Real Estate at KOHLER Co., Hulugalle drove innovation and strategic growth across a diverse portfolio. At Auberge Resorts Collection, he led the ambitious repositioning of a $210 million development. His 24-year tenure with Four Seasons saw him lead top-tier teams and deliver award-winning results across the globe.
But this latest chapter is deeply personal.
Having been semi-retired, Hulugalle’s return to Sri Lanka was sparked not by circumstance, but by calling and purpose. “This is not just a role,” says Hulugalle. “It’s a way of giving back to the country that raised me—with its gracious hospitality, boundless warmth, and vibrant soul.”
“Sri Lankan hospitality is naturally gracious and kind,” he reflects. “It’s in our DNA. My mother would’ve wanted me to return and give back.”
Redefining Colombo as a City of Dreams
With Hulugalle at the helm, Cinnamon Life is set to emerge not just as a landmark development in Colombo—but as a destination, that captures the imagination of the world. Under his leadership, City of Dreams will embody the essence of modern Sri Lanka: rooted in culture, rich in character, and radiating with opportunity.
In addition to his work in hospitality, Hulugalle is also an active investor in AI-led technologies, residential real estate, and wellness-driven consumer brands, always seeking to blend strategic foresight with heartfelt service.
The Colombo Stock Exchange (CSE), in collaboration with the Securities and Exchange Commission of Sri Lanka (SEC), hosted an Issuer Forum in Gampaha aimed at supporting small and medium-sized enterprises (SMEs) in exploring avenues for capital raising through listing on the Colombo Stock Exchange.
The forum, titled “Redefining the Trajectory of Your Business”, provided guidance on exploring effective capital-raising avenues, specifically through listing on the Empower and Diri Savi Boards. These boards offer dedicated listing platforms for SMEs, focusing on sectors such as agribusiness, livestock, energy generation, ICT, and tourism-related ventures. Attracting over 70 participants, the forum offered valuable insights that were well received.
The main presentation of the evening, delivered by Mr. Nikila Darmadasa, Senior Management Associate of the Corporate Advisory Division at NDB Investment Bank Limited, educated the participants on the benefits of capital generation and mobilization through listing on the CSE, outlining the processes and advantages for businesses ready to grow beyond traditional financing models.
A panel discussion on “The Journey Towards Listing and Life After Listing” featured Manuri Weerasignhe, Director, Corporate Affairs, SEC; Rajeeva Bandaranaike, CEO, CSE; Nikila Darmadasa, and J.F. Fernandopulle, Managing Director and CEO, Mahaweli Coconut Plantations PLC. The session was moderated by Ms. Punyamali Saparamadu, Senior Vice President, Commercial, CSE. The panel offered practical perspectives on preparing for a listing, regulatory expectations, and the business journey post-listing.
This initiative reflects the continued commitment of the SEC and CSE to broaden access to capital market opportunities for SMEs across Sri Lanka, enabling them to scale sustainably while contributing meaningfully to the national economy.
Establish a clean local governance system that utilizes budget allocations transparently for rural development – Prime Minister
Warm Weather Advisory issued for Eastern and Uva provinces and Polonnaruwa and Mullaitivu districts.
IPL 2025: Chennai Super Kings suffer fifth loss on the trot as Kolkata Knight Riders register monster win
-
Business5 days agoColombo Coffee wins coveted management awards
-
Features6 days agoStarlink in the Global South
-
Features3 days agoSri Lanka’s Foreign Policy amid Geopolitical Transformations: 1990-2024 – Part III
-
Features6 days agoModi’s Sri Lanka Sojourn
-
Midweek Review3 days agoInequality is killing the Middle Class
-
Features1 day agoRobbers and Wreckers
-
Features5 days agoSri Lanka’s Foreign Policy amid Geopolitical Transformations: 1990-2024 – Part I
-
Features4 days agoA brighter future …