Colombo, Oct. 15 (Daily Mirror) - Approximately 14,300 visas have been issued to foreign nationals on the recommendation of the Colombo Port City Economic Commission, it was revealed at a recent meeting of the Committee on Public Finance (CoPF) at the Parliament Complex.
The meeting, chaired by MP Dr. Harsha de Silva, focused on the Commission’s investment promotion activities, the regulation of foreign investments and related legal and administrative matters.
The Committee discussed the issuance of visa recommendations for foreign workers and the feasibility of monitoring their activities. Members also stressed the need to strengthen regulatory measures to prevent illegal activities within Port City and protect Sri Lanka’s international reputation.
Members reviewed updates on businesses recently gazetted as Businesses of Strategic Importance (BSIs), future investment plans, the status of condominium projects and the marketing and sale of properties within Port City.
Commission officials said nine land plots valued at a total of US$1.12 billion had been leased to promote investment in the area adjoining Colombo’s main commercial district. Plans were also under way to lease a further six plots valued at US$1 billion.
The Commission was preparing to bring four government-owned land plots to the market, representing approximately one-seventh of the total land allocation, officials said. They clarified that, to date, only land plots belonging to CHEC Port City Colombo (Pvt) Ltd had been leased.
The land had been leased for 99 years at an average value of US$3,000 per square metre, officials said. The Commission had received Rs.398 million to date, equivalent to 1% of the total lease payments.
The Committee also examined the regulatory mechanisms used to identify the beneficial owners of companies investing in Port City, ensure transparency in foreign investments and prevent money laundering and terrorist financing.
Members raised concerns about protecting pre-sale deposits paid by investors purchasing units in condominium and residential development projects. Particular attention was given to the use of escrow accounts to ensure that funds received from foreign investors remain secure and are used exclusively for their intended projects.
The Committee also sought information on the actual volume of foreign investment received by Port City, the operational status of approved businesses and whether those businesses had generated the anticipated employment opportunities.
