Port City Colombo has achieved a significant milestone, on-boarding 100+ companies as Authorised Persons (APs), as of 24 August 2024. These companies represent a diverse range of sectors identified to the Colombo Port City Special Economic Zone, including IT, finance, professional services, shipping, logistics, tourism, healthcare, real estate development, and global capability centres.

Among these APs, twenty-two companies have been designated as Businesses of Strategic Importance (BSI’s). The Colombo Port City Economic Commission (CPCEC) is currently reviewing the BSI status of other APs at present. Several companies are in the pipeline to register as APs, reflecting increased investor confidence in Port City Colombo. These achievements align with Port City Colombo’s vision to attract high-value foreign direct investments (FDI’s), whilst the diverse range of companies reflects the SEZ’s focus on service-oriented sectors.

A plan to cultivate and make and export value added products from cannabis has drawn 30 investors, State Minister for Investment Promotion, Dilum Amunugama said.

Sri Lanka has made a set of regulations for cannabis cultivation. 

“We have got about 30 applications and they are being processed by a committee,” Minister Amunugama said. 

” No one has come to the growing stage yet. But land allocation is being done.”

The committee is made up of officials that include representative of the Department of Ayurveda and the Board of Investment. 

Canabidiol, (CBD or cannabis oil), is one of the primary products of the industry which is used in medicinal and other applications.

“CBD extraction or oil extraction will be the minimum value addition. If they want to go beyond that for whatever the final product is that, they can also do that, within the dedicated zones.

The projects will be located within the Mirigama and Kandy Stage II zones.

CBD companies grow cannabis is sophisticated greenhouses. 

The firms have to deposit two million dollars withe Board of Investment. 

A levy will be charged on the export of products, Amunugama said. 

Source – Economynext

The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has granted a Telecommunications Service Provider License to Starlink Lanka (Private) Limited under Section 17B of the Sri Lanka Telecommunications Act No. 25 of 1991, allowing them to offer Satellite Broadband Services in Sri Lanka.