COLOMBO, SRI LANKA — Port City Colombo is spearheading initiatives to establish Sri Lanka as a prominent tech hub in South Asia. Currently, 40 out of 126 companies onboarded as Authorized Persons (APs) include global IT industry leaders, showcasing the initiative’s potential to attract top-tier talent.
This effort aligns with the Sri Lankan government’s ambition to create a $15 billion digital economy by 2030, encouraging international tech firms to establish operations in the country.
Developing a Robust Digital Ecosystem
Port City Colombo is committed to building a comprehensive digital ecosystem aimed at uplifting the Sri Lankan economy. The Business Center, set to open by Q1 2025, will serve as a premier IT and commercial park, providing modern workspaces for IT businesses to collaborate and innovate, particularly in the field of Artificial Intelligence (AI).
Strategic Partnerships with Key Industry Players
To drive the development of the IT sector, Port City Colombo has formed strategic partnerships with key industry associations. Collaborations with the Sri Lanka Association of Software and Service Companies (SLASSCOM) and TRACE Sri Lanka highlight its dedication to fostering creativity and innovation. Furthermore, a partnership with India’s National Association of Software and Service Companies (NASSCOM) demonstrates its commitment to tapping into the Indian market.
Incentives for IT Investors
The Colombo Port City Special Economic Zone offers an attractive environment for IT investors, featuring tax exemptions for over 25 years, allowances for foreign currency transactions, 100% foreign ownership, and full capital repatriation. Companies wishing to operate within this zone must qualify as Authorized Persons under the guidelines of the Colombo Port City Economic Commission (CPCEC).
Vision for Sustainable Economic Growth
Port City Colombo aims to cultivate a thriving digital economy that promotes sustainable growth in Sri Lanka. Through strategic initiatives and partnerships, the project seeks to position the country as a formidable player in the global tech industry.
Broader Strategic Efforts
These developments form part of a broader strategy to enhance job creation and establish a globally competitive regulatory environment. By focusing on export-oriented modern services and engaging with leading IT associations, Port City Colombo aims to position Sri Lanka as a leader in the IT and IT-enabled services sector.
