Business

Legal frameworks being put in place to usher ‘Gateway to South Asia’

Published

3 years ago

2023/09/29

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

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Related Topics:Economic Commission The Colombo Port City

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Rs 160 million + diesel discrepancy at Lakvijaya power plant prompts probe

Published

21 hours ago

2026/09/30

Sahan Weerasooriya

The Lakvijaya power plant in Norochcholai.

By Ifham Nizam

A Rs.160 million-plus diesel discrepancy at the Lakvijaya power plant in Norochcholai has triggered an internal investigation, raising questions over the handling of public funds and the controls governing fuel purchased for electricity generation.

The discrepancy surfaced during an internal audit of diesel supplied to the plant from the Kolonnawa and Sapugaskanda fuel terminals, according to senior officials familiar with the inquiry.

The audit has identified five transactions—two in December 2025 and three in January 2026—in which diesel recorded as delivered to the plant allegedly could not be fully accounted for in its physical stocks.

The investigation is now examining whether these were isolated discrepancies or part of a longer-running practice.

One transaction under scrutiny relates to January 16, when records reportedly showed that 10 diesel bowsers had arrived at the plant. Investigators subsequently found indications that the fuel stock corresponded to only nine bowsers.

A storekeeper responsible for the relevant fuel operation has reportedly been temporarily removed from those duties pending the investigation.

A senior official said investigators were reviewing historical records amid indications that similar discrepancies may have occurred over a longer period. If established, the financial exposure could therefore exceed the Rs.160 million currently identified.

The investigation is comparing fuel-terminal dispatch records, tanker movements, plant-entry records, receiving documents and physical stocks to establish exactly how much fuel was dispatched, received and accounted for.

That audit trail will also be critical in determining who authorised, received and certified the disputed consignments, and whether established controls were followed.

Relevant documents were reportedly transferred from Norochcholai to the company’s Colombo head office on September 26 for further examination, with electricity-sector security personnel assisting in the transfer.

The internal audit has also reportedly uncovered expired chemical stocks worth several hundred thousand rupees in the plant’s stores. Investigators are examining whether further inventory-management irregularities occurred.

The matter was also reportedly taken to the Puttalam Police Special Crimes Investigation Unit on September 26.

When contacted by Puttalam-based journalist Hiran Priyankara Jayasinghe for The Island Financial Review, Lakvijaya Power Plant Manager Nalaka Kumara confirmed that an investigation was under way but declined to provide further details.

The financial issue is direct: if the plant paid for diesel it did not receive, public-sector funds were spent without the electricity sector receiving the corresponding fuel.

Business

Sri Lanka Food Processors Association holds 29th Annual General Meeting

Published

21 hours ago

2026/09/30

Sahan Weerasooriya

The Sri Lanka Food Processors Association (SLFPA) successfully convened its 29th Annual General Meeting (AGM) on September 23, 2026, at the Water’s Edge Hotel, Battaramulla. Bringing together key industry stakeholders and member organizations, the event served as a platform to review milestone achievements from the 2025/2026 term and outline strategic priorities for the nation’s food and beverage processing sector.

At the AGM, the new Executive Committee for 2027/2028 was appointed, comprising: Honorary President Aruna Senanayake C.W. Mackie PLC Imme. Past President Thusith Wijesinghe Trans Continental Packaging & Commodities (Pvt) Ltd.

President Elect Nadishan Guruge Meadlee Trading Co. (Pvt) Ltd.

1st Vice President Damitha Perera Forbes & Walkers Commodity Brockers (Pvt) Ltd.

2nd Vice President Rasika Seneviratne Diesel & Motor Engineering PLC 3rd Vice President Deepal De Alwis Neochem International (Pvt) Ltd.

Honorary Secretary Amila Weerasinghe Nestle Lanka Limited.

Asst. SecretaryDineth Alahakoon Country Style Foods (Pvt) Ltd.

Honorary Treasurer Sameera Jayathilaka Westmann Engineering Company (Pvt) Ltd.

Asst. Treasurer Niroshan Dalpethado C D De Fonseka & Sons (Pvt) Limited. In addition to the above office bearers, the following ten Executive Committee Members were appointed:

Sanjeewa De Silva Unilever Sri Lanka Limited Sheran De Alwis MA’S Tropical Food Processing (Pvt) Limited

Thusitha Ekanayake Anods Cocoa (Pvt) Ltd.

Vijitha Govinna Plenty Foods (Pvt) Limited Ms. Praharshi Wickramasekara International Commodity Exports (Pvt) Ltd.

Sanjeewa Niroshan SGS Lanka (Pvt) Ltd. Kushan Amarasinghe Finagle Lanka (Pvt) Ltd.

Rangajeewa Hettiarrachchi Fonterra Brands Lanka (Pvt) Ltd.

Harindra Abeyrathna Vision Technologies International (Pvt) Ltd. Thilina Weerasekara Ceylon Cold Stores PLC

The event was proudly supported by key industry partners, with SGS Lanka (Pvt) Ltd serving as the Platinum Sponsor. Unilever Sri Lanka Ltd. and Nestlé Lanka Ltd. joined as Gold Sponsors, Ceylon Agro Industries – Prima as the Silver Sponsor, while Lanka Exhibition & Conference Services (LECS) and Hero Nature Products (Pvt) Ltd., supported as Bronze Sponsors.

The proceedings concluded with a vote of thanks delivered by Hony. Secretary Deepal De Alwis, followed by cocktails and a fellowship networking session, providing an opportunity for members to connect and strengthen industry ties.

Business

Uber brings the ‘business class of back seats’ to Sri Lanka with Uber Black

Published

21 hours ago

2026/09/30

Sahan Weerasooriya

New premium ride option expands Uber’s portfolio from affordable Moto and Tuk rides to premium on-demand travel

Uber announced the launch of Uber Black in Sri Lanka, bringing its premium ride experience to the country for the first time. Designed as the “business class of back seats,” Uber Black combines premium vehicles and highly-rated drivers for riders looking for greater comfort, quality and a more elevated travel experience.

The launch comes as demand for premium products and experiences grows across Sri Lanka, with consumers seeking greater choice and quality in their everyday experiences. Uber Black brings this choice to on-demand mobility, whether for an airport journey, an important business meeting, a special occasion or simply when riders want to travel in greater comfort.