Port City Colombo boosts Sri Lanka’s $15Bn tech hub initiative
COLOMBO, SRI LANKA — Port City Colombo is leading efforts to transform Sri Lanka into a prominent tech hub in South Asia. Currently, 40 out of 126 companies onboarded as Authorised Persons (APs) are global IT industry leaders.
This initiative supports the Sri Lankan government’s goal to establish a $15 billion digital economy by 2030, attracting international tech firms to set up operations.
Developing a robust digital ecosystem
Port City Colombo is dedicated to building a digital ecosystem that will uplift the Sri Lankan economy. The Business Center, set to open by Q1 2025, will be a premier IT and commercial park, offering modern workspaces for IT businesses to collaborate and innovate, particularly in Artificial Intelligence (AI).
Strategic partnerships with key industry players
Port City Colombo has forged strategic partnerships with key industry associations to drive the development of the IT sector. Collaborations with the Sri Lanka Association of Software and Service Companies (SLASSCOM) and TRACE Sri Lanka underscore its dedication to fostering creativity and innovation.
Additionally, a partnership with India’s National Association of Software and Service Companies (NASSCOM) highlights its focus on tapping into the Indian market.
Incentives for IT investors
The Colombo Port City Special Economic Zone also offers an enticing environment for IT investors, featuring tax exemptions for over 25 years, foreign currency transactions, 100% foreign ownership, and full capital repatriation.
To operate within this zone, companies must qualify as Authorised Persons under the guidelines of the Colombo Port City Economic Commission (CPCEC).
Vision for sustainable economic growth
Port City Colombo aims to harness a thriving digital economy that promotes sustainable growth in Sri Lanka. Strategic initiatives and partnerships are paving the way for the country to become a formidable player in the global tech industry.
Broader strategic efforts
These developments are part of a larger strategy to enhance job creation and provide a globally competitive regulatory environment.
By focusing on export-oriented modern services and engaging with apex IT associations, Port City Colombo aims to position Sri Lanka as a leader in the IT/IT-enabled services sector.
