Business
Port City infrastructure development to be completed by Q3 of 2023
= USD 1.2 bn has already been invested
= USD 1.5 billion more expected to flow in
= Estimated to add USD 13.7 billion to annual GDP when fully operational
= Duty-free shopping mall expected to be open to the public by April 2023
By Sanath Nanayakkare
Port City Colombo (PCC) whose infrastructure development is slated for completion by Q3 of 2023 is showing all the possibilities to be one of the key drivers of growth and recovery in Sri Lanka, a source familiar with many aspects of the project told The Island.
He said that all Sri Lankans should welcome the project and call upon the authorities to provide the fullest support to fast-track its progress.
“While critics have often referred to Port City Colombo (PCC) as a “white elephant” and a “burden of debt” on the Sri Lankan people, these claims cannot be further from the truth. In fact, PCC is not debt-funded and is actually Sri Lanka’s largest foreign direct investment (FDI) driven project. As a result, Colombo now has a platform to create an ultramodern planned metropolis with all the trappings of modern life, which can co-exist and complement the existing sprawl of Colombo. With infrastructure development slated for completion by Q3 of 2023, of the total committed investment of USD 1.4 Bn by the project company, USD 1.2 Bn has already been invested, with a further USD 1.5 billion expected to flow in during the vertical development phase, which will commence thereafter, “he said.
Elaborating on his findings, he said:
“PCC has been designated as a Special Economic Zone (SEZ), which is a legal structure in Sri Lanka, and around the world, that allows certain geographically delimited areas to enjoy special rules and regulations in order to increase ease of doing business, and promote enterprise and development. This concept is not new to Sri Lanka and Sri Lankans have seen many such Export Development Zones in the past, which have no doubt contributed positively to the country’s growth trajectory, by attracting FDIs and promoting exports and industrialization.”
“However, PCC goes beyond any other SEZ in Sri Lanka, supported by the Port City Economic Commission and its associated laws and regulations. This sets up a single management or administrative structure that can help streamline processes and improve ease of doing business dramatically within PCC, potentially even making it the most business-friendly destination in the whole region. This also makes PCC attractive to FDIs and Diaspora, while providing a venue for technological learning, innovation and development. Having separate and more efficient customs provisions also further adds to the attractiveness of PCC. Ultimately, by creating a venue for international business, local businesses will also thrive as PCC and its businesses and residents will need to buy supplies and services from local businesses.”
“Sri Lanka is a relatively small economy, which is one of the reasons that we have not been able to open up and liberalize more efficiently and quickly. Opening up a small economy to global forces can create imbalances that can quickly turn into different issues. However, PCC provides a very efficient way to open Sri Lanka up to the world, whilst shielding the wider Sri Lankan economy from any negative effects. This, combined with wider economic reforms will create a platform for Sri Lanka’s economy as a whole to open up to the world.”
“As an SEZ, PCC will be able to create massive employment opportunities for both skilled and unskilled roles. These jobs will be paid for in foreign currency and in line with globally competitive standards. With global businesses looking to do business in Sri Lanka, the incentives for qualified professionals to seek migration will be diminished, as they will be able to obtain comparable salaries here at home, and in foreign currency too.”
“During construction alone, PCC has created 8,000 employment opportunities and is expected to generate 83,000 well-paid jobs as development matures, contributing USD 13.7 billion per annum to Sri Lanka’s GDP when fully-operational.”
“The construction of the USD 7 million Duty-Free shopping mall inside PCC will be the biggest duty-free mall in the region, with a further USD 6.5 million in the pipeline for expansion of operations. The mall is expected to be open to the public by April 2023, with the initial infrastructure expected to be fully completed by Q3 of 2023, which will open up the doors for a further USD 1.5 billion worth of investments into vertical developments. Two international duty-free operators and an international food and beverage partner are already on board and, with the investment plans for entertainment and leisure activities, PCC is expected to be a top destination for city tourism.”
“It’s going to be a remarkable confluence of events. So, all Sri Lankans should realize the effectiveness of PCC as the largest FDI-driven project, and support it. The people can be confident in doing so as the Port City Economic Commission will be entrusted with the administration, regulation and control of all matters connected with businesses and other operations, in and from the area of authority of the Port City,” he pointed out.
Business
USA–Sri Lanka Chamber of Commerce plans New York campaign to promote Tourism and Business
Timing aligns with national policy discussions
By Sanath Nanayakkare
The USA–Sri Lanka Chamber of Commerce is exploring an innovative promotional initiative to showcase Sri Lanka’s tourism, cultural heritage, and commercial opportunities in the heart of New York City during the upcoming Christmas and holiday season.
The proposed campaign aims to bring Sri Lanka’s unique identity to one of the world’s most internationally recognized cities through a mobile digital billboard featuring high-quality photographs and videos highlighting the island’s natural beauty, rich heritage, and diverse commercial offerings. Designed to capitalize on New York City’s significant holiday-season foot traffic, the initiative will reach American consumers, international tourists, and potential business partners.
The digital showcase will feature pristine beaches, scenic mountains, waterfalls, tea plantations, wildlife, ancient cities, Buddhist heritage, traditional arts, authentic cuisine, and modern attractions, positioning the country as a premier international travel destination. An interactive QR code linking to comprehensive tourism information will also be incorporated, allowing viewers to directly explore travel opportunities.
Beyond destination promotion, the initiative provides Sri Lankan businesses with a vital platform to introduce their products and services to the American market. Enterprises representing Ceylon tea, spices, food products, gems and jewellery, apparel, handicrafts, wellness, hospitality, and tourism will have the opportunity to showcase their brands alongside the broader national campaign.
The Chamber notes that this effort will be particularly beneficial for small and medium-sized enterprises (SMEs) seeking greater international exposure, brand recognition, and commercial partnerships in the United States. By integrating tourism promotion with commercial visibility, the project aims to strengthen Sri Lanka’s international image while supporting trade, investment, and business development.
Operating under the central message of “Discover Sri Lanka. Experience Sri Lanka. Visit Sri Lanka,” the campaign presents the island as a destination defined by natural beauty, cultural richness, distinctive products, and entrepreneurial potential. More information on the initiative is accessible at www.usaslcc.org.
Tourism sector stakeholders have welcomed the move, noting that private-sector-led initiatives of this nature bypass cumbersome bureaucratic procurement procedures and complex tender processes typically associated with state-run promotional campaigns abroad.
The timing aligns with recent national policy discussions regarding tourism promotion. Participating in a Fireside Chat at the inauguration of the Sri Lanka Economic and Investment Summit 2026, organized by the Ceylon Chamber of Commerce, President Anura Kumara Dissanayake emphasized that a proper procurement mechanism needs to be established before acquiring tourism promotional concepts, recommending a performance-based system where agencies are compensated according to verified growth in tourist arrivals.
Business
Seylan Bank partners Colombo Motor Show 2026 as official banking and leasing partner
For 10th consecutive year
Seylan Bank PLC, the Bank with a Heart, has reaffirmed its commitment to supporting Sri Lanka’s automotive industry by partnering with the 20th edition of the Colombo Motor Show 2026 as the Official Banking & Leasing Partner for the 10th consecutive year. This makes Seylan Bank the longest-standing partner of the Colombo Motor Show, further reflecting its longstanding association with one of Sri Lanka’s most prominent automotive exhibitions. The four-day exhibition is scheduled to take place from 20th to 23rd November 2026 at the Bandaranaike Memorial International Conference Hall (BMICH), marking the first time the Colombo Motor Show will be held as a four-day event.
As one of Sri Lanka’s leading international motor and motor accessories exhibitions, the Colombo Motor Show will bring together vehicle enthusiasts, prospective buyers, industry professionals and automotive service providers. The 2026 edition is expected to feature over 200 trade stalls covering motor vehicles, accessories, spare parts, lubricants, tyres, batteries, leasing facilities and other motor-related services.
Through its continued partnership, Seylan Bank will showcase a comprehensive range of financial solutions designed to support customers in meeting their personal and business needs, with a particular focus on Seylan Leasing facilities. Visitors to the exhibition will have the opportunity to receive on-the-spot leasing evaluations and expert guidance from Seylan Leasing Specialists, helping them explore vehicle financing options conveniently during the event.
Business
WCIC sharpens focus on scaling women-owned businesses
The Women’s Chamber of Industry and Commerce (WCIC) is sharpening its focus on helping women entrepreneurs move beyond business creation towards sustainable growth, as it expands its membership, partnerships and advocacy footprint.
WCIC Chairperson Gayani de Alwis, concluding her second tenure, highlighted the Chamber’s efforts had increasingly centered on creating pathways for women to translate entrepreneurial ambition into viable enterprises and, importantly, build those businesses for the longer term.
“Ultimately, our impact is not measured by the number of programmes we conducted, but by the women whose businesses grew, whose voices became stronger, whose horizons expanded and whose contribution to the economy became greater,” she said addressing the WCIC 41st Annual General Meeting (AGM) held on 22 September for which the Chief Guest was Canadian High Commissioner to Sri Lanka and the Maldives Isabelle Martin.
The focus has included a special initiative for female university students with an entrepreneurial mindset, regional chapter initiatives in the Northern Province, capacity-building programmes and the inaugural ‘Beyond Ramp Up’ workshop.
The Chairperson said these initiatives were designed to move women “from aspiration to enterprise, and from enterprise to sustainable growth”, signaling a broader focus on strengthening the progression of women entrepreneurs beyond the initial stages of business formation.
WCIC recorded a 20 percent increase in membership during the period with membership crossing 460 and expanded its ecosystem through a series of strategic partnerships.
Internally, WCIC moved to strengthen its governance framework, revising its Articles of Association to ensure regulatory compliance and introducing a Code of Conduct and Board self-assessment. Clearer organisational roles, job descriptions and performance targets were also introduced as part of efforts to strengthen accountability and professionalise its operations.
Reflecting on her tenure, the Chairperson said the period had been about building a stronger, more connected and professionally governed organisation, while converting its wider ambitions into tangible opportunities for women in business.
-
Latest News6 days agoNissanka’s return headlines Sri Lanka’s Test squad against Pakistan
-
News5 days agoSri Lanka, India caught in US-Iran ship crisis
-
Latest News6 days agoImran Khan’s PTI braces to fight federal takeover of Khyber Pakhtunkhwa
-
Latest News5 days agoKusal Mendis’ unbeaten 87 hands Sri Lanka consolation win
-
Latest News5 days agoMissiles intercepted near Riyadh after Saudi coalition hits Yemen fuel depot
-
News6 days agoMahinda and Shiranthi hospitalised
-
News2 days agoAsgiri Mahanayake calls for immediate release of Gnanasara Thera
-
News6 days agoPresidential pardons: Govt. studying Justice Thurairaja’s recommendations – Minister
