LNP – Port City to have significant impact on economy -ICCSL

The International Chamber of Commerce, Sri Lanka ( ICCSL) in a statement issued on Monday said “The Port City project will have a significant impact on the economy in terms of much needed FDI’s to the country, together with the potential new employment & trade opportunities that the project will generate over time.

The statement added that “Special Economic Zones similar to this proposed Port City, have been successfully established in many countries worldwide to attract foreign direct investment.

The Port City Commission bill that aims to provide for a special economic zone to establish a commission to grant registrations, licenses, and other approvals to operate business in such economic zones underpins the governance of the Port City and is an essential requirement to be in place, for its success.

Dinesh Weerakkody Chairman ICCSL noted, “to ensure its success concessions given would need to be in line with similar Concessions given by other competing countries for such Special Economic Zones. He however noted that the several concerns raised, including the composition of the commission must be addressed before the Bill becomes law.

ICCSL is a national Committee of the International Chamber Commerce (ICC). Globally, ICC represents over six million member companies and over 43 million members globally in over 130 countries. ICCs founding mission is to promote widespread peace and economic prosperity.