The Government has gazetted regulations to fully permit the registration of offshore companies in the Chinese-built Colombo Port City but the promulgation of a framework allowing incentives and exemptions to “businesses of strategic importance” (BSIs) is still overdue, official sources said.
The enactment of enabling legislation to allow for widespread activities within the Port City continues to lag, the sources pointed out.
For instance, guidelines for businesses to obtain operating licences were first published in late September. They said companies seeking permits to set up within the Port City area must pay a US$ 2,500 application fee and a US$ 2,000 annual fee to allow them to qualify as “authorised persons” in the specified areas.
But application forms for the registration of such businesses with the Registrar-General of Companies (RGC) were only gazetted two weeks ago. Accordingly, provided the required documents are in order, the RGC shall register a business as an offshore company within three days. And it will be entered into a Register of Offshore Companies-Colombo Port City Commission.
However, the Colombo Port City Economic Commission Act also makes provision for companies to be categorised as BSIs whereupon they will receive exemptions or incentives. These must be promulgated by regulation. But they are under discussion, the sources said, expressing concern that investor interest could flag. The classifications and definitions are yet to be decided upon, they said. As it stands, therefore, a company can be licensed and continue to operate under the directors of the Colombo Port City Economic Commission Act minus the incentives and exemptions it would receive if classified as a BSI, they said.
“The latest gazette should have come out two-and-a-half months ago,” one source pointed out. “But two gazettes were issued and one wasn’t. A lot of investor interest was built up. They are now waiting to see what incentives and exemptions they would qualify for. Bear in mind that Colombo Port City faces competition from a global perspective.”
In July, the Central Bank of Sri Lanka (CBSL) authorised a special class of bank account called the Colombo Port City Investment Account (CPCIA) exclusively to carry out business in the Port City Special Economic Zone (SEZ).
There are two types of CPCIAs—investor and investee. The accounts may be used by companies seeking to attract foreign currency from overseas to establish businesses.
Banks setting up within Port City will be licensed under the Colombo Port City Economic Commission Act for carrying out business within its area of authority. They will be governed by rules and regulations issued by the Commission and not CBSL. But the guidelines are formulated in consultation with the Monetary Board of Sri Lanka and the Finance Ministry.
A decision has been taken to relocate wild monkeys to an island under a pilot project, as a solution to mitigate crop destruction, NPP MP Jagath Manuwarna said.
Speaking to reporters, MP Manuwarna said that a large island in the Randenigala Dam has been identified to relocate the monkeys.
To prevent the monkeys from approaching the mainland, he further said that electric fences will be put up around the island.
MP Manuwarna revealed that this decision has been taken based on the approval of the committee, consisting of experts from the Irrigation Ministry, Wildlife Department, and other relevant institutions, that was appointed to address crop destruction by wild monkeys.
“The committee has approved this proposal. We will select 15 villages under the pilot project. It will be implemented under the guidance of several key institutions, such as the Navy, Wildlife Department, and Peradeniya University. We have formulated a system for the monkeys to be monitored, involving several institutions, including the Navy and experts,” he said.
Stating that this is the first time such a project is being implemented in Sri Lanka as well as in the world, MP Manuwarna said there may be shortcomings going forward, which the authorities intend to address as they occur.
(newswire.lk)
(Except for the headline, this story, originally published by newswire.lk has not been edited by SLM staff)
Two individuals, including the convenor of the Inter-University Students’ Federation (IUSF) have been remanded until April 04 over protesting near the Health Ministry, defying a court order.
Meanwhile, 25 others involved in the protest have been released on bail.
(Previous News on 28th March, 2025 at 9:36am)
27 arrested during protest in front of MoH
Maradana Police arrested 27 individuals last night (March 27) for protesting in front of the Ministry of Health, violating a court order.
According to the IUSF, the arrests were made in the dead of night when police forces arrived and forcibly removed the protesters from a ‘Satyagraha’ site. The IUSF condemned the arrests, alleging state repression against students standing up for free education
The Allied Health Sciences Students’ Union staged the demonstration yesterday afternoon, supported by members of the Inter-University Students’ Federation (IUSF), including its convener – Madushan Chandrajith.
At that time, eight representatives had a discussion with the Secretary of the Ministry of Health, but due to its failure, they continued to remain at the place rejecting a court order prohibiting protests and marches that would inconvenience the public.
Previously, a court order was issued prohibiting protest demonstrations and marches on several roads and pavements including the Deans Road, De Serum Road, and Regent Street, obstructing access to the Hospital square, adjoining hospitals and the Ministry of Health.
It was revealed in the Committee on Public Enterprises (COPE) that a private company named ‘Savorite’ was issued Waiver of Registration (WoR) certificates to import 38 types of medicines in 2022 without the evaluation of the National Medicines Regulatory Authority (NMRA).
The former Secretary to the Ministry of Health also informed the Committee that the former Minister of Health had given instructions to select this private company called ‘Savorite’ to import medicines in this way.
This was disclosed when the Committee on Public Enterprises (COPE) of Parliament met in Parliament on March 26, under the chairmanship of Member of Parliament Dr. Nishantha Samaraweera, to examine the Auditor General’s reports for the years 2022, 2023 and 2024 and the current performance of the National Medicines Regulatory Authority.
The Committee Chair informed the committee that on December 30, 2022, the NMRA had issued Waiver of Registration (WoR) certificates to a private company named ‘Savorite’ for the import of 38 types of medicines submitted through unsolicited proposals without the evaluation of the NMRA. The Committee Chair said that the NMRA has abdicated its responsibility, stating that the purpose of establishing the NMRA is to ensure the quality, safety and efficacy of those medicines and that it cannot be handed over to the Medical Supplies Sector.
Former members of the Board of Directors of the NMRA said that since the import of medicines through a special pathway with prior approval was carried out, the Board of Directors could not grant permission for it without conducting a proper evaluation. Therefore, they said that they did not accept responsibility in this regard.
Accordingly, this matter was discussed at length in the committee, and it was revealed that the former Minister of Health had instructed to select a private company called ‘Savorite’ to import the medicines in short supply for 3 months.
Meanwhile, the Committee also discussed at length the Cabinet Memorandum submitted by the former Minister of Health on 26 September 2022. The Committee Chair inquired from the Ministry of Health officials about the fact that a large number of medicines would reach zero levels within the next 3 weeks from the date of submission of the relevant Cabinet Memorandum. The officials who responded said that the information had been added to the Cabinet Memorandum based on the information obtained from the existing database regarding medicines. However, the committee Chair said that it was unacceptable for a large number of medicines to reach zero levels at the same time and that the relevant responsible officials had acted irresponsibly until such a level was reached.
The Auditor General, who spoke at the time, stated that the medicines that were ordered and to be received in advance have also been imported, citing that the medicines have reached zero levels.
Accordingly, the committee chair instructed the officials to submit a full report to the Committee on who were the officials involved in preparing this Cabinet Memorandum. The Chair further stated that a full report regarding the import of these medicines will be prepared by the Committee and submitted to Parliament, and that necessary action will be taken expeditiously.
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