The incredible new £11bn seaside city being built right next to a sprawling metropolis | World | News
An incredible new seaside city worth £11 billion is being built right next to a sprawling metropolis and will be a getaway to South Asia. Port City Colombo (PCC) is a visionary multi-billion-dollar project located in the heart of Colombo, Sri Lanka, and funded by foreign direct investment.
Positioned as the gateway to South Asia, it offers a blend of global investment potential, an international business environment, and state-of-the-art infrastructure.
With a focus on sustainability and cosmopolitan living, PCC aims to establish itself as a key hub for commerce and innovation in the region.
Construction on the new metropolis began in 2011, following the land reclamation of a coastal area opposite Colombo’s Galle Face Green.
This reclamation created a new section of the coastline, laying the foundation for what is now Port City Colombo.
The city is the product of the Chinese government’s world-spanning Belt and Road initiative. Port City Colombo is on Sri Lanka’s west coast and approximately 3,510 nautical miles (4,038 miles) overseas from China.
It is located within Sri Lanka’s first multi-services Special Economic Zone (SEZ), the Colombo Port City SEZ. It is overseen by the Colombo Port City Economic Commission, which facilitates governance, dispute resolution, and law enforcement.
The SEZ offers a business-friendly environment, including a 25-year tax holiday for Businesses of Strategic Investment (BSIs), transactions in foreign currencies without capital or exchange controls, and up to 100 percent foreign ownership, making it an attractive hub for international businesses.
At the core of Port City Colombo (PCC) is the Port City Business Centre (PCBC), a state-of-the-art business park offering all the essential infrastructure and services for international businesses across various sectors.
This will complement the Colombo International Finance Centre (CIFC), PCC’s flagship development, which aims to replicate the successful economic models of cities like Dubai and Singapore.
The project aligns with PCC’s broader focus on sustainability and livability, creating a thriving hub for global commerce and finance.
