UPSC Articles
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.
