Port City Colombo is stepping up efforts to attract investment from the Gulf region, with the Colombo Port City Economic Commission and CHEC Port City Colombo entering into an investment promotion agreement with the Umm Al Quwain Free Trade Zone Authority in the UAE.
The agreement was signed at the second edition of Sri Lanka Beyond Your Dreams, held in Dubai on September 2, bringing together more than 400 UAE-based business leaders, investors, diplomats and institutional representatives.
The event was attended by UAE Minister of Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi and Sri Lankan Minister of Foreign Affairs, Foreign Employment nd Tourism Vijitha Herath, along with senior Sri Lankan officials. The new partnership is the first formal collaboration between Port City Colombo and a UAE free zone authority. It is expected to create an institutional link between businesses operating in the two special economic zones and facilitate greater investment and business opportunities between the UAE and Sri Lanka.
Addressing the gathering, Minister Herath highlighted the importance of strengthening economic ties with the UAE and said the conclusion of a Comprehensive Economic Partnership Agreement (CEPA) would provide a stronger framework for expanding trade, investment and bilateral economic cooperation.
Colombo Port City Economic Commission Chairman Harsha Amarasekera said Port City Colombo could serve as a strategic bridge between the Gulf and South Asia, offering investors a dedicated regulatory framework and incentives. CHEC Port City Colombo Deputy Managing Director Thulci Aluwihare said more than US$2 billion in investments had been secured for the development to date, with the company targeting over US$4 billion in the coming years.
The Port City investment proposition covers sectors including real estate, financial services, information technology and digital services, global trading, maritime and logistics, professional services and regional headquarters.
UAE Minister Al Zeyoudi said Sri Lanka offered considerable opportunities for UAE investors, particularly in logistics, technology and tourism. The event was organised by the Consulate General of Sri Lanka in Dubai and the Northern Emirates to promote Sri Lanka as a destination for tourism, trade and strategic investment.
Source : Daily News
