The proposals requesting to grant relevant exemptions or incentives to two projects at the Port City of Colombo have received Cabinet approval.
The government said a proposal has been submitted by Asiri Port City Hospital (Pvt) Company to implement a project to develop a hospital in the Port City of Colombo under an investment of USD 100 million.
A proposal was also submitted by TIQRI Software PTE Ltd to implement an Information Technology Business in the Port City of Colombo with an initial foreign direct investment of US$100,000.
Both projects qualify for exemptions or incentives under 2(b) of Colombo Port City (Guidelines on the Grant of Exemptions or Incentives to Businesses of Strategic Importance) Regulations, No. 2 of 2023.
Accordingly, the proposal presented by the President, in his capacity as the Minister of Investment Promotion, to grant relevant exemptions or incentives to the Asiri Hospital project under the said provisions, and to announce the project as a primary business of strategic importance through a gazette order, and then table the said order in the Parliament, was approved by the Cabinet of Ministers.
The proposal presented by the President to grant relevant exemptions or incentives to the Information Technology Business project under the said provisions, to announce the project as a secondary business of strategic importance through a gazette order, and then table the said order in the Parliament, was also approved by the Cabinet of Ministers. (NewsWire)