Colombo Port City

  • IASbaba
  • May 19, 2021
  • 0
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Colombo Port City

Part of: GS Prelims and GS – II – International relations

In news

  • A Chinese-funded tax-free enclave in Sri Lanka recently cleared the final legal hurdle as its Supreme Court gave it a go ahead.

Key takeaways

  • It is named the “Colombo Port City”.
  • It is the largest single foreign investment by China in Sri Lanka among the other massive infrastructure projects.
  • The Port City will attract billions of dollars for trade, banking and offshore services similar to what is available in Dubai and Singapore.
  • The Port City will be administered by a commission with various powers to fast track investment approvals. 
  • All transactions within the Port City will be denominated in foreign currency and all salaries earned by any worker will be tax-exempt.

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