Colombo, Sri Lanka – June 2023: The Colombo Port City Economic Commission (the “Commission”) is proud to announce a significant milestone in its mission to establish the Colombo Port City special economic zone, as a globally competitive business environment. In line with the Colombo Port City Economic Commission Act, the Commission entered into an agreement with the International ADR Centre (IADRC), fulfilling the statutory requirement of establishing an independent International Commercial Dispute Resolution Centre (ICDRC) within the Area of Authority.
Section 62 of the CPCEC Act requires the Commission to facilitate the establishment of an ICDRC for the purpose of resolving disputes between the Commission and Authorized Persons and Residents of the Port City. The IADRC is currently engaged in providing ADR services including training of arbitrators and mediators, has its institutional rules for the conduct of ADR processes, and is a joint venture between the Ceylon Chamber of Commerce (CCC) and the Institute for the Development of Commercial Law and Practice (ICLP). The IADRC will maintain its Colombo Port City office at its Secretariat on the 22nd Floor of the West Tower of the World Trade Center Building, Echelon Square, Colombo 01 until relocated to the Colombo Port City as infrastructure permits.
The Commission, as the Single Window Investment facilitator is confident that these key measures will strengthen investor confidence and position Sri Lanka as a significant contributor to the service export industry within the region.
This partnership was achieved with the support of the Ministry of Justice, Prison Affairs and Constitutional Reforms, Ministry of Finance, Economic Stabilization & National Policies, and the Ministry of Investment Promotion.