• Latest
  • Trending
Can Colombo Port City deliver?

Can Colombo Port City deliver?

May 25, 2021
Emirates

Emirates airline suspends all flights to Nigeria

August 19, 2022
Kim Yo Jong, sister of North Korea's leader Kim Jong Un . Image credits - REUTERS/Jorge Silva/Pool/File Photo

North Korea tells South Korea president to ‘shut his mouth’ after offer of aid

August 19, 2022
Weather. Image credits - Wolfgang Hasselmann @wolfgang_hasselmann / Unsplash

Extreme heat is slamming the world’s three biggest economies all at once

August 19, 2022
Hadi Matar appears in court on charges of attempted murder and assault on author Salman Rushdie, in Mayville, New York, US, August 18, 2022. (Photo: Reuters)

Salman Rushdie attack suspect pleads not guilty to attempted murder, assault

August 19, 2022
Water cut. Image credits - Walter Randlehoff / Unsplash

10-hour water cut in areas of Colombo tomorrow

August 19, 2022
Apple

iOS 15.6.1—Update now warning issued to all iPhone users

August 19, 2022
Electricity

Power cut schedule today in Sri Lanka: 19th August

August 18, 2022
alcohol

Japan urges its young people to drink more to boost economy

August 18, 2022
Subscribe to our Telegram channel for the latest updates from around the world. Image credits - Jinan Times

Fish tested amid Xiamen covid outbreak in China

August 18, 2022
FIFA World Cup

FIFA sells 2.45 million tickets for Qatar World Cup

August 18, 2022
Oil

Myanmar buys Russian oil as emerging markets take shunned supply

August 18, 2022
dollar

Amnesty period announced to deposit/sell foreign currency in the hands of public

August 18, 2022
  • About Us
  • Advertisements
  • Privacy Policy
  • Contact
Friday, August 19, 2022
No Result
View All Result
NewsIn.Asia
  • Home
  • Around South Asia
    • All
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
    Water cut. Image credits - Walter Randlehoff / Unsplash

    10-hour water cut in areas of Colombo tomorrow

    Electricity

    Power cut schedule today in Sri Lanka: 19th August

    Subscribe to our Telegram channel for the latest updates from around the world. Image credits - Jinan Times

    Fish tested amid Xiamen covid outbreak in China

    Oil

    Myanmar buys Russian oil as emerging markets take shunned supply

    dollar

    Amnesty period announced to deposit/sell foreign currency in the hands of public

    Veteran journalist Sugeeswara Senadhira appointed Lankan Prime Minister’s Media Advisor

    Veteran journalist Sugeeswara Senadhira appointed Lankan Prime Minister’s Media Advisor

    Austria donates essential medicines to Sri Lanka

    Austria donates essential medicines to Sri Lanka

    Laugfs gas

    Laugfs gas price reduced

    Sri Lankan passports

    Special counter to issue passports for overseas jobs

  • World
    • All
    • Japan
    • Russia
    • United Kingdom
    • United States
    Emirates

    Emirates airline suspends all flights to Nigeria

    Kim Yo Jong, sister of North Korea's leader Kim Jong Un . Image credits - REUTERS/Jorge Silva/Pool/File Photo

    North Korea tells South Korea president to ‘shut his mouth’ after offer of aid

    Weather. Image credits - Wolfgang Hasselmann @wolfgang_hasselmann / Unsplash

    Extreme heat is slamming the world’s three biggest economies all at once

    Hadi Matar appears in court on charges of attempted murder and assault on author Salman Rushdie, in Mayville, New York, US, August 18, 2022. (Photo: Reuters)

    Salman Rushdie attack suspect pleads not guilty to attempted murder, assault

    Apple

    iOS 15.6.1—Update now warning issued to all iPhone users

    alcohol

    Japan urges its young people to drink more to boost economy

    Oil

    Myanmar buys Russian oil as emerging markets take shunned supply

    Inflation

    UK inflation tops 10%, highest since 1982

    Footage posted by the fire brigade on Twitter showed large plumes of smoke coming from under the railway arch, which it said was "completely alight". (Photo: Twitter/@LondonFire)

    Large blaze in central London railway arch under control – fire service

  • Business
  • Politics
  • Sports
  • Entertainment
    • All
    • Books
    • Gaming
    • Movie
    • Music
    • Series
    Raksha Bandhan to Laal Singh Chaddha: ‘Struggling’ Bollywood’s online hate problem

    Raksha Bandhan to Laal Singh Chaddha: ‘Struggling’ Bollywood’s online hate problem

    Marvel has unleashed the first look teaser of Black Panther 2.

    Black Panther Wakanda Forever: Marvel pays emotional tribute to Chadwick Boseman

    Stranger Things

    Netflix confirms ‘Stranger Things’ spinoff and play

    Kamal Haasan's Vikram is on a rampage.

    Kamal Haasan’s Vikram is the highest-grossing film in Singapore, UK and UAE

    Harry Potter and the Philosopher's Stone

    ‘Harry Potter and the Philosopher’s Stone’ celebrates 25 magical years

    Salman Khan

    Plot to kill Bollywood actor Salman Khan revealed

    Shah Rukh Khan's Jawaan, to be directed by Atlee, to scheduled for June 2023 release. (Photo: Twitter)

    Shah Rukh Khan announces new film ‘Jawaan’

    Chchutir diner Gaan by Bangladeshi singer Nondita

    Chchutir diner Gaan by Bangladeshi singer Nondita

    Song “Bechain Nazar Betaab Jigar”. Talat Mahmood. Film “Yasmin” 1955

    Song “Bechain Nazar Betaab Jigar”. Talat Mahmood. Film “Yasmin” 1955

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Science
    • Travel
    Austria donates essential medicines to Sri Lanka

    Austria donates essential medicines to Sri Lanka

    Digital. Image credits - Scott Graham @homajob / Unsplash

    In remote work and tech companies, job titles have gotten longer – and fancier

    Walk. Image credits - Arek Adeoye @areksan / Unsplash

    Why even 2 minutes of walking after a meal will improve your health

    Cheeseburger. Image credits - Alamy / BBC

    McDonald’s puts up price of cheeseburger for first time in 14 years

    WHO declares rapidly spreading monkeypox outbreak a global health emergency

    WHO declares rapidly spreading monkeypox outbreak a global health emergency

    Sushmita Sen. Image credits - Getty Images

    Sushmita Sen: Why ‘gold digger’ jibe caused outrage

    Honey. Image credits - Mariana Ibanez / Unsplash

    7 unique health benefits of honey

    alcohol

    Alcohol is never healthy for people under 40, study finds

    world’s happiest countries in 2022

    List of world’s happiest countries in 2022

    Emirates

    Emirates statement on operations at London Heathrow

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Tech
    Apple

    iOS 15.6.1—Update now warning issued to all iPhone users

    A view shows a bionic hand developed by COVVI, at Quayside Business Park in Leeds, Britain. (Photo: Reuters)

    Bionic hand can be updated with new gestures, anytime, anywhere

    FILE PHOTO: The Netflix logo is pictured on a television in this illustration photograph taken in Encinitas, California, U.S., January 18, 2017. REUTERS/Mike Blake/File Photo

    Disney overtakes Netflix in race for subscribers

    Samsung unveiled its new Galaxy Z Flip 4 and Z Fold 4 phones on Aug 10, 2022. (Photo: Samsung)

    5 things to know about Samsung’s new Galaxy Z Flip 4 and Galaxy Z Fold 4 foldable smartphones

    Image: WhatsApp

    WhatsApp’s new update makes it easier to avoid your friends

    Snapchat. Image credits - May Gauthier @maygauthier / Unsplash

    Snap launches tools for parents to monitor teens’ contacts

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Coronavirus
  • Videos
  • Home
  • Around South Asia
    • All
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
    Water cut. Image credits - Walter Randlehoff / Unsplash

    10-hour water cut in areas of Colombo tomorrow

    Electricity

    Power cut schedule today in Sri Lanka: 19th August

    Subscribe to our Telegram channel for the latest updates from around the world. Image credits - Jinan Times

    Fish tested amid Xiamen covid outbreak in China

    Oil

    Myanmar buys Russian oil as emerging markets take shunned supply

    dollar

    Amnesty period announced to deposit/sell foreign currency in the hands of public

    Veteran journalist Sugeeswara Senadhira appointed Lankan Prime Minister’s Media Advisor

    Veteran journalist Sugeeswara Senadhira appointed Lankan Prime Minister’s Media Advisor

    Austria donates essential medicines to Sri Lanka

    Austria donates essential medicines to Sri Lanka

    Laugfs gas

    Laugfs gas price reduced

    Sri Lankan passports

    Special counter to issue passports for overseas jobs

  • World
    • All
    • Japan
    • Russia
    • United Kingdom
    • United States
    Emirates

    Emirates airline suspends all flights to Nigeria

    Kim Yo Jong, sister of North Korea's leader Kim Jong Un . Image credits - REUTERS/Jorge Silva/Pool/File Photo

    North Korea tells South Korea president to ‘shut his mouth’ after offer of aid

    Weather. Image credits - Wolfgang Hasselmann @wolfgang_hasselmann / Unsplash

    Extreme heat is slamming the world’s three biggest economies all at once

    Hadi Matar appears in court on charges of attempted murder and assault on author Salman Rushdie, in Mayville, New York, US, August 18, 2022. (Photo: Reuters)

    Salman Rushdie attack suspect pleads not guilty to attempted murder, assault

    Apple

    iOS 15.6.1—Update now warning issued to all iPhone users

    alcohol

    Japan urges its young people to drink more to boost economy

    Oil

    Myanmar buys Russian oil as emerging markets take shunned supply

    Inflation

    UK inflation tops 10%, highest since 1982

    Footage posted by the fire brigade on Twitter showed large plumes of smoke coming from under the railway arch, which it said was "completely alight". (Photo: Twitter/@LondonFire)

    Large blaze in central London railway arch under control – fire service

  • Business
  • Politics
  • Sports
  • Entertainment
    • All
    • Books
    • Gaming
    • Movie
    • Music
    • Series
    Raksha Bandhan to Laal Singh Chaddha: ‘Struggling’ Bollywood’s online hate problem

    Raksha Bandhan to Laal Singh Chaddha: ‘Struggling’ Bollywood’s online hate problem

    Marvel has unleashed the first look teaser of Black Panther 2.

    Black Panther Wakanda Forever: Marvel pays emotional tribute to Chadwick Boseman

    Stranger Things

    Netflix confirms ‘Stranger Things’ spinoff and play

    Kamal Haasan's Vikram is on a rampage.

    Kamal Haasan’s Vikram is the highest-grossing film in Singapore, UK and UAE

    Harry Potter and the Philosopher's Stone

    ‘Harry Potter and the Philosopher’s Stone’ celebrates 25 magical years

    Salman Khan

    Plot to kill Bollywood actor Salman Khan revealed

    Shah Rukh Khan's Jawaan, to be directed by Atlee, to scheduled for June 2023 release. (Photo: Twitter)

    Shah Rukh Khan announces new film ‘Jawaan’

    Chchutir diner Gaan by Bangladeshi singer Nondita

    Chchutir diner Gaan by Bangladeshi singer Nondita

    Song “Bechain Nazar Betaab Jigar”. Talat Mahmood. Film “Yasmin” 1955

    Song “Bechain Nazar Betaab Jigar”. Talat Mahmood. Film “Yasmin” 1955

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Science
    • Travel
    Austria donates essential medicines to Sri Lanka

    Austria donates essential medicines to Sri Lanka

    Digital. Image credits - Scott Graham @homajob / Unsplash

    In remote work and tech companies, job titles have gotten longer – and fancier

    Walk. Image credits - Arek Adeoye @areksan / Unsplash

    Why even 2 minutes of walking after a meal will improve your health

    Cheeseburger. Image credits - Alamy / BBC

    McDonald’s puts up price of cheeseburger for first time in 14 years

    WHO declares rapidly spreading monkeypox outbreak a global health emergency

    WHO declares rapidly spreading monkeypox outbreak a global health emergency

    Sushmita Sen. Image credits - Getty Images

    Sushmita Sen: Why ‘gold digger’ jibe caused outrage

    Honey. Image credits - Mariana Ibanez / Unsplash

    7 unique health benefits of honey

    alcohol

    Alcohol is never healthy for people under 40, study finds

    world’s happiest countries in 2022

    List of world’s happiest countries in 2022

    Emirates

    Emirates statement on operations at London Heathrow

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Tech
    Apple

    iOS 15.6.1—Update now warning issued to all iPhone users

    A view shows a bionic hand developed by COVVI, at Quayside Business Park in Leeds, Britain. (Photo: Reuters)

    Bionic hand can be updated with new gestures, anytime, anywhere

    FILE PHOTO: The Netflix logo is pictured on a television in this illustration photograph taken in Encinitas, California, U.S., January 18, 2017. REUTERS/Mike Blake/File Photo

    Disney overtakes Netflix in race for subscribers

    Samsung unveiled its new Galaxy Z Flip 4 and Z Fold 4 phones on Aug 10, 2022. (Photo: Samsung)

    5 things to know about Samsung’s new Galaxy Z Flip 4 and Galaxy Z Fold 4 foldable smartphones

    Image: WhatsApp

    WhatsApp’s new update makes it easier to avoid your friends

    Snapchat. Image credits - May Gauthier @maygauthier / Unsplash

    Snap launches tools for parents to monitor teens’ contacts

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Coronavirus
  • Videos
NewsIn.Asia
No Result
View All Result
Home Around South Asia China

Can Colombo Port City deliver?

Editor by Editor
May 25, 2021
in China, Development news, Governance, Sri Lanka, Top Story, Uncategorized
Reading Time: 5 mins read
17 1
A A
Can Colombo Port City deliver?

An artists impression of the Colombo Port City. Official illustration

Share on WhatsApp

By P.K.Balachandran/Ceylon Today

The Colombo Port City Economic Commission Bill was passed by parliament on May 20 with amendments proposed by the Supreme Court to keep it within the framework of the Sri Lankan constitution.

Given the fact that the Commission has to function under the overall supervision and over-arching authority of Sri Lanka’s regulatory institutions and constitutional bodies, the question as to whether this  will help or hinder the Commission’s bid to make the Port City an attractive international financial hub arises.   

ADVERTISEMENT

While integration with Sri Lanka’s established institutions is a matter of the nation’s sovereignty, and is in line with the island’s democratic system, it may also adversely affect the Port City’s ability to attract investors like other financial hubs, such as the ones in Singapore or Dubai.        

 Companies in the Port City will be subject to the provisions of the Inland Revenue Act and the Customs Ordinance. Key authorities such as the Central Bank of Sri Lanka, Central Environmental Authority, Department of Labor, and the Courts of Sri Lanka will supervise and monitor the implementation of laws in the Port City. Tax exemptions or incentives would have to have parliamentary approval. The Registrar of Companies will supervise the offshore companies in the manner he would an offshore company registered under Part XI of the Companies Act. The commission cannot pass laws or levy “taxes” as such and can only charge rates .  

To prevent money laundering and terror financing, the Convention on the Suppression of Terrorist Financing Act No. 25 of 2005, Prevention of Money Laundering Act No. 5 of 2006 and the Financial Transactions Reporting Act No. 6 of 2006 would apply. Disputes can be settled either by arbitration or by the Lankan courts.

Stumbling Blocks

However, some Sri Lankans feel that the Port City Special Economic Zone will not deliver the goods if it is not truly international in its laws and systems. It cannot be tied to Sri Lankan laws and institutions on the one hand, and on the other hand, expected to rake in billions of dollars in business. One has to take into account the fact that Sri Lanka now ranks 99 th., among 190 countries in the World Bank’s Ease of Doing Business list. Clearly, there are serious flaws in the systems prevailing in the country.

It is therefore proposed that Sri Lanka should have followed the Dubai International Financial Center (DIFC) model in toto if the Port City is to deliver the goods.

Independence of  DIFC

In the 2011 Economic Activity Survey on DIFC, released in July 2012, it was reported that the nominal GDP of DIFC entities grew from US$ 1.8 billion in 2007 to US$3.1 billion in 2011, an increase of 72% despite the global financial crisis. Over the same period, the number of registered entities within the Center increased 62%, from 505 to 817. NASDAQ Dubai, opened in 2005, grew to a market capitalization of US$ 31 billion as of August 31, 2013, according to Zawya, a subsidiary of Thomson Reuters. The DIFC is a model for similar centers in Egypt and Morocco.

If the DIFC is bringing in money it is because it enjoys independent jurisdiction under the UAE’s constitution. It has a legal framework separate from that of the rest of the country. Based primarily on English Common Law (as opposed to UAE civil law) DIFC Courts administer civil and commercial disputes efficiently and to international standards. The DIFC Courts have an international panel of respected judges. The DIFC is governed by an independent regulatory framework under the Dubai Financial Services Authority (DIFC).

Constraints in a Democracy

However, one cannot ignore the fact that Sri Lanka is a democracy. Its leaders cannot adopt the policies and methods of implementation of the Sheikhs or dictators of West Asia. Also, Sri Lanka’s economic plight would not permit it to be as liberal in financial terms as the DIFC. 

But this cannot be an excuse for not carrying out reforms to get a more respectable ranking in the World Bank’s Ease of Doing Business chart and making the Port City Financial Hub, an international hub in the true sense of the term.

Honest and proper implementation of laws can make a big difference. Institutions in Sri Lanka do not work as they should. There are delays due to red tape and absence of commitment. Corruption is endemic. If the Port City is to serve its international clientele, it has to have internationally recruited personnel. It is felt that the present Act does not fill the bill. It can only make a marginal difference to the nation’s economic scene.

In a letter to Sri Lanka’s parliamentarians earlier this month, the Advocata Institute pointed out that Sri Lanka‘s laws in regard to money laundering and terror financing are weak, an aspect highlighted by the current US Ambassador in an interaction with the media. The laws in this regard must completely conform to the Basel Committee on Banking Supervision and the Financial Action Task Force. Labor policy should be highly flexible but with a cushion in the form of an unemployment insurance.

Rohan Maskarola, CEO of the Colombo Shippers’ Academy, points out that investors will not make a beeline to the Port City merely because there are internationally accepted laws or other modern facilities there or there are tax concessions. They would look at conditions in Sri Lanka  as a whole –its legal, administrative and political systems, the state of the Rule of Law, political stability and policy consistency. Government should not renege on agreements or cancel contracts without a strong reason. Maskorola also stressed the importance of a national consensus on all matters relating to the Port City, so that policy does not change with a change of government.

Geopolitical Aspect

Then there is the regional and geopolitical situation to keep in mind as that will impinge on investment prospects in the Colombo Port City. It is  being built by a Chinese State-owned company with a Chinese governmental loan of US$ 1.4 billion. Given the hostility towards China and opposition to its efforts to make a presence in Sri Lanka and the Indian Ocean, investments from rivals India and the US-led West, are unlikely to come to the Port City. Therefore, to begin with at least, investments are likely to come only or mainly from China (sometimes in collaboration with Lankan firms). There is already a commitment to put in US$ 1 billion into the Port City.

Eventually, this scenario will turn out to be in favor of China. China looks at the Port City as a part its Belt and Road Initiative (BRI) which has long term strategic goals. In this context, some observers like former Lankan MP and Ambassador in Egypt, R.Yogarajan, wonder if other regional and global powers would eventually encourage their investors to put money in the Port City if only to prevent it from becoming wholly Chinese.

END                 

Tags: AmendmentsColombo Port CityDubai International Financial CenterSri LankaSupreme Court

Related Posts

Water cut. Image credits - Walter Randlehoff / Unsplash
Around South Asia

10-hour water cut in areas of Colombo tomorrow

August 19, 2022
Electricity
Around South Asia

Power cut schedule today in Sri Lanka: 19th August

August 18, 2022
Subscribe to our Telegram channel for the latest updates from around the world. Image credits - Jinan Times
Around South Asia

Fish tested amid Xiamen covid outbreak in China

August 18, 2022
dollar
Around South Asia

Amnesty period announced to deposit/sell foreign currency in the hands of public

August 18, 2022
Veteran journalist Sugeeswara Senadhira appointed Lankan Prime Minister’s Media Advisor
Governance

Veteran journalist Sugeeswara Senadhira appointed Lankan Prime Minister’s Media Advisor

August 18, 2022
Austria donates essential medicines to Sri Lanka
Around The World

Austria donates essential medicines to Sri Lanka

August 18, 2022
  • Electricity

    Power cut schedule today in Sri Lanka: 19th August

    49547 shares
    Share 19832 Tweet 12381
  • Registration open for National Fuel Pass

    6551 shares
    Share 2658 Tweet 1622
  • Foreign Exchange Rates from Central Bank of Sri Lanka; USD, GBP, EUR, SGD, CAD

    1408 shares
    Share 570 Tweet 349
  • WATCH : Yohani’s first live performance in India

    785 shares
    Share 327 Tweet 191
  • Power interruption schedule released: Check your area power cut time

    734 shares
    Share 312 Tweet 176
  • About Us
  • Advertisements
  • Privacy Policy
  • Contact

© 2022 All rights reserved.

No Result
View All Result
  • Home
  • Around South Asia
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
  • Around The World
  • Breaking News
  • Business
    • Exchange
  • Climate Change
  • Governance
    • Crime
    • Diplomacy
    • Defense
    • Human Rights
    • Politics
    • Strategic Affairs
  • Lifestyle
    • Books
    • Entertainment
      • Arts
      • Cinema
      • Gaming
      • Music
      • Movie
      • Series
      • TV
    • Health
    • Fashion
    • Food
    • Travel
  • Culture
    • Ethnicity
    • Gender
  • Development news
  • Economy
  • Education
  • Environment
  • Coronavirus
  • History
  • National
  • Offbeat
    • Media
    • Music and arts across South Asia
  • Recommended
    • Headlines
    • Highlights
    • Top Picture
    • Top Story
  • Religion
  • Science
  • Sports
    • Football
    • Cricket
      • LPL
      • IPL
    • Tennis
    • Formula 1
    • NBA
  • Tech
    • Instagram
  • United Nations
  • Weather
  • World
    • Japan
    • Russia
    • United States
  • Videos

© 2022 All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

mersin eskort - eskisehir escort -

https://www.vudols.com/

- Sağlık Personeli - istanbul avukat