Port City Colombo and TRACE Sri Lanka Partner to Boost Sri Lankas Tech Industry
Port City Colombo and TRACE Sri Lanka Partner to Boost Sri Lanka's Tech Industry
Table of Contents
- Introduction
- Details of the Partnership
- Port City Colombo’s Strategic Advantages
- The Vision for Sri Lanka's Tech Industry
- Conclusion
Introduction
Port City Colombo has taken a significant step towards cementing its status as a regional technology hub by signing a Memorandum of Understanding (MOU) with TRACE Sri Lanka. This partnership is aimed at fostering innovation, collaboration, and entrepreneurship within Sri Lanka’s technology sector, paving the way for future growth and development.
Details of the Partnership
The MOU was signed by Mr. Xiong Hongfeng, Managing Director of CHEC Port City Colombo (Private) Limited, and Mr. Kusal Subasinghe, Chairman of TRACE Sri Lanka. The signing ceremony was also attended by key representatives from both organizations, including Stan Li, Chief Marketing Officer of Port City Colombo, and Radika Obeyesekere, Director of Investment Promotion and Marketing. From TRACE Sri Lanka, Heminda Jayaweera, Executive Director, was present to witness the formalization of this strategic collaboration.
Port City Colombo’s Strategic Advantages
Port City Colombo offers an exceptional business environment for IT and tech companies, especially within the Colombo Port City Special Economic Zone (SEZ). The SEZ provides a range of fiscal and non-fiscal incentives, such as:
- Favorable Tax Policies: Businesses under the Businesses of Strategic Importance (BSI) enjoy over 25 years of tax exemptions.
- Zero Capital Controls: Allows for 100% capital and profit repatriation.
- 100% Foreign Ownership: Facilitates complete foreign ownership, encouraging international investment.
- Foreign Currency Transactions: Permits transactions in designated foreign currencies.
These advantages make Port City Colombo an attractive location for tech companies looking to establish or expand their presence in Sri Lanka.
The Vision for Sri Lanka's Tech Industry
The partnership between Port City Colombo and TRACE Sri Lanka is rooted in a shared vision to accelerate the growth of Sri Lanka’s technology sector. By providing the necessary infrastructure, incentives, and a supportive ecosystem, this collaboration aims to attract both local and international talent, positioning Sri Lanka as a leading tech innovation hub in the region.
Conclusion
This partnership between Port City Colombo and TRACE Sri Lanka marks a pivotal moment for the Sri Lankan tech industry. With the combined strengths of these two organizations, Sri Lanka is set to redefine its role in the global tech landscape, establishing itself as a regional technology powerhouse.
For more information on Port City Colombo and TRACE Sri Lanka’s initiatives, visit their official websites.
