Desperate to elevate employment availability, Sri Lanka parliament passes China-backed Colombo Port City bill
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Colombo, May 22: The Sri Lanka Parliament has passed the Port City Economic Commission Bill, on Thursday with 149 votes in favor whereas 58 against the proposed bill. As decided, under the legislation, a President-appointed commission will be established to govern the Special Economic Zone (SEZ).
The Port City Economic Commission Bill officially declares 269 hectares of land reclaimed from the ocean and annexed to the city of Colombo as the country's first special economic zone (SEZ) for services-oriented industries. The President-appointed commission will enable the businesses to operate in any recognized foreign currency within Port City.
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After the Port City bill was tabled in Parliament on April 8, 19 petitions were filed at the Supreme Court of Sri Lanka with serious claims of a long term threat to not only Sri Lankan economy but also the political setup of the country from 'land-grabber China.' The Supreme Court's ruling was delivered to Parliament on Tuesday, saying that the bill could be passed with a simple majority provided key clauses be amended to confirm with the country's constitution.
According to PM Mahinda Rajapaksha, the Port City project would create 200,000 jobs in the first five years, with the majority going to Sri Lankan nationals. The Prime Minister said during the Parliamentary debate on Wednesday that the Port City bill provides a competitive framework to attract investment. Whereas, statements against the bill supported the fact that approval of the bill will lead the Indian Ocean country on the way to become a Chinese colony.