Cabinet clears Economic Commission Law for China reclaimed Port City

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COLOMBO – Sri Lanka’s cabinet of ministers have cleared a draft law that will govern a special economic zone to be set up on reclaimed land partnering with China Harbour Engineering Corporation.

The Colombo Port City Commission Law had been prepared by the legal draftsman covering the legal provisions, on a proposal by President Gotabaya Rajapaksa.

The Cabinet had given approval to gazette the law and present it to Parliament.

The Port City, reclaimed by China Harbhour Engineering Corporation, is expected to bring over US% 15 billion in investments.

It will have commercial and residential facilities. A delay in the law had prevented the quick sale of lands in the Port City.

-economynext.com

 

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