Cabinet approval has been granted for the designation of CODEGEN INNOVATIONS (PRIVATE) LIMITED as a secondary business of strategic importance under the Colombo Port City Economic Commission Act.
CODEGEN INNOVATIONS (PRIVATE) LIMITED is registered in Sri Lanka as a division of the CODEGEN Group, which specializes in providing technology solutions in the areas of Software, Data Science, Design, and Hardware.
According to the government, the company, which has received the approval of the Colombo Port City Economic Commission, has applied for designation as a secondary business of strategic importance.
The company plans to make an initial investment of US$500,000, earn approximately US$15 million within five years and create approximately 400 job opportunities within that period.
The company, therefore, is eligible for availing of exemptions or incentives as per the directives of the Colombo Port City (Guidelines on the Grant of Exemptions or Incentives to Businesses of Strategic Importance) Regulations, No. 2 of 2023.
Thereby, the Cabinet has approved the proposal presented by the President, in his capacity as the Minister of Investment Promotions, to grant exemption or incentives to CODEGEN INNOVATIONS (PRIVATE) LIMITED under the provisions of the Colombo Port City Economic Commission Act and to publish an order to that effect in the Gazette. (NewsWire)
