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Message: <blockquote data-quote="monson" data-source="post: 23792108" data-attributes="member: 30005">Sri Lanka to create special economic zone law, financial court, for Port CityOct 25, 2018 06:25 AM GMT+0530ECONOMYNEXT - Sri Lanka is wrapping up laws to create ring fenced special economic zone in a reclaimed Port City with a cutting edge legal system, a financial court, and where expropriation is prohibited and experts from any part of the global can be hired, a minister said.The 269 sea reclamation next to Colombo Port will be overseen by a Colombo International Financial City Commission which will be monitored by an advisory council coming under the President of Sri Lanka, State Minister for Economic Affairs Harsha de Silva told a forum organized by Asia Securities, a Colombo-based brokerage."There will be no restriction on foreign ownership (of companies), no restriction on the repatriation on repatriate of profits, employment of non-citizens and there is no way property can be expropriated," de Silva said.Expropriation is a key problem in Sri Lanka which is keeping foreign investors out and also domestic capital in other countries. Monetary instability from a soft-pegged exchange rate regime is also keeping both trade and capital flows restricted, analysts have pointed out.De Silva, who heads a steering committee on building soft infrastructure, said the reclaimed land itself will be owned by the Sri Lanka and it will be vested in the Urban Development Authority. Out of the 269 hectares 116 will be developed by the CHEC Port City, the reclamation firm. The government will develop 62 acres and will also own another 91 hectares of common spaces.There will be licensed and unlicensed activities. Special Economic ZoneUnlike in some other financial centres the CIFC will not have a single regulator but existing regulators like the central will have authority, which will liaise with the CIFC commission.Laws of Sri Lanka will apply except as provided otherwise for some activities."There will be modification in some areas of contracts and commercial transactions only if there is a lacuna in existing laws," de Silva said."It is offer investors a cutting edge legal framework which is up-to-date not second to what is offered at other International Financial Centres in the region."A modern contract law and that will allow sophisticated financial transactions will apply after being passed by parliament. There will be a special Colombo Financial Court as a court of first instance which can be appealed to the Supreme Court of Sri Lanka.There will be commercial dispute resolution centre, an arbitration and mediation centre and there will be a panel of qualified local and foreign arbitrators.Special tax allowances will also be given in the upcoming budget. "The special economic zone law will be demarcated and ring fenced by the parliament," de Silva. "It can even be applied to areas like the Trace City."He said the CIFC will work as a policy lab.More:<a href="https://economynext.com/Sri_Lanka_to_create_special_economic_zone_law,_financial_court,_for_Port_City-3-12311-1.html" target="_blank">https://economynext.com/Sri_Lanka_to_create_special_economic_zone_law,_financial_court,_for_Port_City-3-12311-1.html</a></blockquote>

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