Colombo Port City Act amendments improve ease of doing business
View(s):The 2026 amendments1 to the Colombo Port City Economic Commission (CPCEC) Act are aimed at improving governance, streamlining oversight, and providing the regulatory certainty required for large-scale international investment.
These amendments introduce a clearer, more predictable statutory framework for identifying, approving, and monitoring BSI, providing investors with greater certainty and transparency for large-scale and strategic capital investments. Key improvements include-: Minimum investment thresholds, employment creation targets, and applicable incentives and exemptions: Structured performance monitoring and post-implementation evaluation, reducing discretionary risk: Statutory due process safeguards, the Port City said in a media release.
Together, these reforms create a stable, accountable, and investor-friendly environment aligned with national economic priorities.
The amendments reinforce a single, coherent regulatory framework for banking activities within the Colombo Port City, placing supervisory oversight clearly with the Central Bank (CB). The Minister of Finance maintains licensing for these activities, with the concurrence of the CB. Key improvements include-: Simplified approval process for CB-licenced banks to establish branches: Expanded scope of permitted offshore banking activities, supporting international financial services growth: Clear supervisory authority, eliminating regulatory overlap and uncertainty.
These reforms significantly improve ease of doing business for banks’ activities within the Colombo Port City, ensuring a credible, well-regulated banking environment that meets international standards while preserving national regulatory oversight.
The statement said market confidence remains strong. In January 2026, two new land lease agreements were concluded, underscoring sustained demand and development momentum. These reforms propel the Government’s vision of Colombo Port City as a world-class Special Economic Zone, positioning it as a destination where global investors can invest, operate, and thrive within a secure environment.
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