August 13, 2024
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Port City Colombo Signs MOU with TRACE Sri Lanka to grow Tech Industry
Port City Colombo has taken a further step towards establishing itself as a pivotal technology hub in the region by entering into a formal partnership with TRACE Sri Lanka – a leading organization that promotes collaboration, creativity, and entrepreneurship through technology and innovation across disciplines in Sri Lanka.
The MOU formalising the partnership was signed by Mr Xiong Hongfeng – Managing Director of CHEC Port City Colombo (Private) Limited, and Mr Kusal Subasinghe, Chairman of TRACE Sri Lanka. Also present at the signing ceremony were, on behalf of Port City Colombo, Stan Li – Chief Marketing Officer, and Radika Obeyesekere – Director of Investment Promotion and Marketing, along with Executive Director of TRACE Sri Lanka, Heminda Jayaweera.
Port City Colombo will collaborate with TRACE to foster innovation and growth within Sri Lanka’s IT sector by providing an unparalleled business environment for IT/tech companies within the Colombo Port City Special Economic Zone (SEZ). TRACE Expert City, a public-private partnership, is commonly referred to as the “Silicon Valley of Sri Lanka” and is a prominent tech innovation and entrepreneurship hub in Colombo.
The partnership is designed to leverage the strengths of Port City Colombo’s progressive business environment, which offers an assortment of attractive fiscal and non-fiscal incentives, making it an ideal location for the IT and Technology industry. These include favourable tax policies, including 25+ years of tax exemptions for businesses and investors under the Businesses of Strategic Importance (BSI), along with zero capital controls, allowing for 100% capital and profit repatriation, 100% foreign ownership, and transactions in designated foreign currencies.
The partnership between Port City Colombo and TRACE Sri Lanka reflects a shared vision to accelerate the growth of Sri Lanka’s Technology sector, attracting both local and international talent. By providing the necessary infrastructure and a supportive ecosystem, Port City Colombo is thus set to play a transformative role in redefining Sri Lanka as a regional technology powerhouse.