 |
Colombo
and Hambantota Ports
|
Sri Lanka has
declared two seaports as 'free ports' and an airport and two export processing
zones as bonded areas, for entrepot trade and off-shore business. Colombo and
Hambantota ports have been declared as free ports. Export processing zones in
Katunayake by the main international airport and Koggala and the second
international airport in Mattala has been declared as bonded areas, the finance
ministry said.
A special gazette notification issued by the
Ministry of Finance and Planning announced that in line with the Finance Act
No. 12 of 2012 Colombo and Hambantota ports has been declared as Free Ports. The
Notification further envisages that Katunayake Export Processing Zone, Koggala
Export Processing Zone and Mattala Rajapaksa International Air
Port as bonded
areas. "The enterprises which will be benefited
from this arrangement will be entreport trade involving import minor processing
and re-export, off-shore business where goods can be procured from one country
or manufactured in one country and shipped to another country without bringing
them to Sri Lanka, These regulations
are expected to bring revolutionary changes to the trade and investment
policies of the country," the finance ministry said in a statement," the Ministry said in a release. |
| Mattala Rajapaksa International Air Port and Katunayake Export Processing Zone |
The Ministry has set a minimum investment
limit of US$ 5 million for new enterprises engaged in business activities in
the ports.If the business is engaged in logistic services such as a bonded
warehouse or in the cases of operation of multi country consolidation in Sri
Lanka the minimum investment will be US$ 3 million. These companies are
expected to achieve an annual re- export turnover of not less than US$ 20
million over a period of five years.The Ministry expects these regulations to
bring revolutionary changes to the trade and investment policies of the
country.
