Prime Minister Mahinda Rajapaksa said tourism, foreign and commercial activities of the first phase of the Colombo Port City is scheduled to be commenced in 2021. In the Budget speech, he said steps are expeditiously underway to develop the Colombo Port City Special Economic Zone as an attractive business hub. “The preliminary work related to the construction if the first financial and commercial centre has already been initiated. I expect to present to the Parliament a new legal framework conducive to promote commercial services and investment in this Special Economic Zone in January after the Budget Debate,” he said. He said the Economic Zone provides for extensive employment opportunities for Sri Lankans and earning even in foreign currencies. “We believe that the Colombo Port City will become a prime choice for investors and business community due to the business and investor friendly legal framework and proposed advanced infrastructure. “It is expected to provide concessions on required taxes and specific goods trade, banking and foreign exchange with the objective of converting the Port City Economic Zone as one of the hubs for investment promotions in the country,” he said.