A Chinese-funded tax-free enclave billed as Sri Lanka\u2019s answer to Dubai and Singapore cleared the final legal hurdle as the Supreme Court in Colombo ruled it could go ahead with only minor tweaks.<\/p>\n\n\n\n
The largest single foreign investment in Sri Lanka is one of several massive Asian infrastructure projects funded by China as Beijing increases its regional footprint.<\/p>\n\n\n\n
Sri Lanka\u2019s top court rejected 19 petitions challenging the \u201cColombo Port City Economic Commission\u201d Bill and approved the $1.4-billion project subject to minor amendments which the government immediately said it accepted.<\/p>\n\n\n\n
Project officials have said they hope the brand new \u201cPort City\u201d, an area of reclaimed land, will attract billions of dollars for trade, banking and offshore services similar to what is available in Dubai and Singapore, two of its potential competitors.<\/p>\n\n\n\n
Named the \u201cColombo Port City\u201d because of its proximity to Colombo\u2019s main harbour, the sea reclamation \u2014 carried out with considerable Chinese labour \u2014 completed in 2019 has doubled the size of Colombo\u2019s financial district by adding 269 hectares.<\/p>\n\n\n\n
The Port City will be administered by a commission with unprecedented 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.<\/p>\n","protected":false},"excerpt":{"rendered":"
A Chinese-funded tax-free enclave billed as Sri Lanka\u2019s answer to Dubai and Singapore cleared the final legal hurdle as the Supreme Court in Colombo ruled it could go ahead with only minor tweaks. Daily Current Affairs Quiz 2021 The largest single foreign investment in Sri Lanka is one of several massive Asian infrastructure projects funded […]<\/p>\n","protected":false},"author":404,"featured_media":42979,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1407],"tags":[58],"offerexpiration":[],"class_list":["post-42978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-may-2021","tag-international-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/42978","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/404"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=42978"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/42978\/revisions"}],"predecessor-version":[{"id":42980,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/42978\/revisions\/42980"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/42979"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=42978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=42978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=42978"},{"taxonomy":"offerexpiration","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/offerexpiration?post=42978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}