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

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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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Historic launch of CCWE Fashion Week & International Summit 2026

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Ayanthi Gurusinghe, President, Ceylon Chamber of Women Entrepreneurs (CCWE), joined by Damith Pallewatte, MD/CEO, HNB, and Sanjay Wijemanne, Senior Executive Vice President/COO, HNB, at the press conference announcing CCWE Fashion Week, powered by HNB, held at HNB Towers.

The Ceylon Chamber of Women Entrepreneurs (CCWE) officially announced the CCWE Fashion Week & International Summit 2026 at a press conference held in Colombo, unveiling a historic national initiative that will mark the first-ever fashion week in Sri Lanka and the South Asian region dedicated exclusively to women entrepreneurs.

Held under the theme “Threads of Inclusion Woven from Every Walk of Life,” the event is scheduled to take place from 16th to 20th July 2026 at Cinnamon Life, Colombo, positioning Sri Lanka at the forefront of inclusive and sustainable fashion while creating a powerful platform for economic and social transformation.

This landmark initiative goes beyond fashion to deliver meaningful value to society by empowering women entrepreneurs across diverse communities, industries, and regions. By bringing together designers, artisans, SMEs, policymakers, investors, and international stakeholders, the event aims to create new market opportunities, strengthen financial inclusion, and promote sustainable livelihoods. It will serve as a catalyst for economic growth by supporting women-led businesses, enhancing export potential, encouraging youth participation in creative industries, and fostering regional collaboration across South Asia.

Supported by a strong network of corporate partners, the initiative is led by HNB as the Title Sponsor, reflecting a collective commitment to empowering women economically and driving more inclusive national progress.

Speaking at the press conference, Dr. Ayanthi Gurusinghe, President of CCWE and Chairman of the Fashion Week, stated, “Today we are announcing more than an event—we are introducing a national movement that will transform the way we view women entrepreneurs in Sri Lanka. This platform is designed to open doors for women from every walk of life, enabling them to convert talent into enterprise, gain access to markets, and contribute meaningfully to the economy. Through this initiative, Sri Lanka has the opportunity to lead the region in building a future where inclusion meets opportunity and equality.”

HNB, MD/ CEO, Damith Pallewatte, added, “For over 135 years, HNB has stood as a partner in progress to all Sri Lankans, and supporting women entrepreneurs is central to how we continue that legacy. This initiative creates a platform where women can access markets, build sustainable businesses, and contribute meaningfully to national economic development.

When women are empowered with the right access and support, the impact extends to families, communities, and the broader economy. Our decision to serve as Title Sponsor is driven by our commitment to enabling that access and supporting pathways for long-term growth through financial inclusion and enterprise development.”

Extending regional support, Mrs. Premila Acharya, President of the South Asian Women Development Forum (SAWDF), shared her support online, “The CCWE Fashion Week & International Summit 2026 is a landmark initiative that reflects the strength and potential of women entrepreneurs across our region. It is inspiring to see Sri Lanka take the lead in creating a platform where inclusion, opportunity, and equality come together. SAWDF is proud to stand in partnership with CCWE in empowering women through collaboration and shared progress.”

Highlighting achievements The United Nations Economic and Social Commission for Asia and the Pacific Subregional Office for South and South-West (ESCAP-SSWA) as Knowledge Partner Ms. Mikiko Tanaka, Head and Director noted “ESCAP is pleased to serve as a knowledge partner for the CCWE Fashion Week & International Summit 2026. This initiative reflects our shared commitment to enhance women entrepreneurs’ access to markets, finance and digital networks. Connecting women-led businesses to regional networks can further unlock opportunities outside Sri Lanka. We commend CCWE’s leadership in creating an enabling environment for women from diverse backgrounds to innovate, participate and contribute to inclusive and sustainable economic development.”

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Sri Lanka’s capital market gains international recognition for GSS+ Bond issuances

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The Colombo Stock Exchange (CSE) announces that Sri Lanka’s capital market has received international recognition for the quality and innovation of its Green, Social, Sustainability and Sustainability-Linked (GSS+) bond issuances at the 2026 Sustainable Debt Awards hosted by Environmental Finance. This milestone reflects the continued strengthening of Sri Lanka’s sustainable finance landscape and its growing alignment with international capital markets.

This achievement builds on a sustained collaboration with the EU-funded Green Recovery Facility, implemented by Expertise France, which has supported the development and international positioning of Sri Lanka’s GSS+ bond market. Advisory and coordination support has been provided in close collaboration with the CSE, alongside technical inputs from the contracted consultancy team Baastel led by Jason Taylor.

Since supporting the operationalisation of Sri Lanka’s Green Bond Framework in 2023, this engagement has evolved into a broader effort to develop the country’s GSS+ bond market. Through strengthened policy alignment, market development, and stakeholder engagement, this partnership has contributed to corporate GSS+ bond issuances aligned with international standards.

Collectively, recent GSS+ bond issuances in Sri Lanka have mobilised approximately LKR 82 billion (around EUR 216 million) across green, blue, social, sustainability, and sustainability-linked instruments, financing priority sectors such as renewable energy, energy efficiency, water and coastal resilience, and inclusive social infrastructure. These issuances have been oversubscribed, reflecting growing investor confidence in Sri Lanka’s sustainable finance framework.

This progress has been supported by the introduction of Sri Lanka’s GSS+ Bonds Regulatory Framework in 2025, aligned with international principles, further strengthening market credibility and investor confidence.

The awards recognise the following Sri Lankan institutions:

DFCC Bank – Award for Innovation: Use of Proceeds (Green Bond, APAC)

Bank of Ceylon – Award for Innovation: Sustainability Bond Structure (APAC)

Commercial Bank of Ceylon – Green Bond of the Year (Financial Institution, APAC)

Thimal Perera, Director/Chief Executive Officer, DFCC Bank PLC said, “This recognition reflects the progress Sri Lanka’s capital markets are making in aligning with international sustainable finance standards and strengthening credibility with global investors. We are honoured to receive recognition in the area of innovation in use of proceeds, which highlights the growing ability of Sri Lankan institutions to structure financing solutions with transparency, measurable impact, and long-term relevance. We remain grateful to the regulators, market participants, technical partners, and investors whose continued support is helping advance Sri Lanka’s sustainable finance ecosystem.”

“We are honoured to receive the Environmental Finance’s Sustainable Debt Award for Innovation – Sustainability Bond Structure (APAC) for the Bank of Ceylon’s inaugural LKR 20 billion Basel III compliant Tier 2 Sustainability Bond – the largest sustainability bond issuance in Sri Lanka and the first of its kind. This alignment addressed both BOC’s capital adequacy requirements and commitment to aligning sustainable finance with national development priorities while advancing resilient and inclusive economic growth in Sri Lanka. As the first Sri Lankan bank to secure this prestigious global award, we wish to thank the Colombo Stock Exchange for their proactive coordination and encouragement. We also extend our sincere appreciation to all stakeholders who partnered with us in this trailblazing endeavor.” said Mr. G. A. Jayashantha, Acting Senior Deputy General Manager/ Head of Global Markets, Bank of Ceylon.

Remarking upon the award Sanath Manatunge, Managing Director / Chief Executive Officer of Commercial Bank of Ceylon said “Winning the ‘Green Bond of the Year’ award is a significant milestone for Commercial Bank and a strong endorsement of our commitment to sustainable finance and responsible banking. As the largest private bank in Sri Lanka, we recognise our responsibility to support investments that drive long-term environmental and economic resilience, particularly in the renewable energy sector. This recognition reflects the Bank’s strategic focus on advancing sustainable financing solutions that contribute meaningfully to the country’s climate goals and broader sustainable development agenda.”

These recognitions are particularly significant in the context of Sri Lanka’s ongoing economic recovery and debt restructuring process. As the country works to restore macroeconomic stability and rebuild investor confidence, the ability of Sri Lankan financial institutions to successfully issue GSS+ bonds aligned with rigorous international standards sends a strong signal to global capital markets.

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Uber introduces Hybrid Subscriptions for Moto and Tuk Drivers

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Uber, Sri Lanka’s most loved ridesharing platform, today announced the launch of Hybrid Subscriptions for Moto and Tuk drivers in the country. This includes a new ‘earn first, pay later’ model that gives drivers greater flexibility by allowing them to start earning on the platform without upfront payments. Drivers will continue to benefit from 0% commission on trips, allowing them to keep all of their earnings while paying a subscription fee separately.

With hybrid subscriptions, drivers can choose a model that works best for their driving patterns, making it easier for both full-time and part-time drivers to access trips and earn on Uber. The launch is aimed at improving the overall experience for drivers while continuing to offer reliable mobility for riders.

Flexibility and earning potential remain key priorities for drivers across Sri Lanka’s two- and three-wheeler ecosystem. The new model addresses this by giving drivers more control over how they engage with the platform and how they structure their earnings. By offering both time-based and earning-based subscription options, Uber provides drivers greater flexibility. While time-based subscriptions are ideal for full-time drivers, earning-based subscriptions work well for part-time drivers.

Commenting on the launch, Kaushalya Gunaratne, Country Manager – Mobility, Uber Sri Lanka, said, “”Drivers are at the heart of everything we do. We were among the first to introduce subscription models for Moto and Tuk drivers in Sri Lanka, and with hybrid subscriptions, we’re taking it further – giving drivers the benefits of zero commissions and the flexibility to choose what works best for them.”

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