The Port City area is expected to have an business environment that can compete with hubs such as Dubai, Singapore and Hong Kong to draw in investors.
It will have competitive legal, tax, regulations and a dispute resolution mechanism.
The Cabinet of Ministers had approved a proposal Presented by President Gotabaya Rajapaksa to draft a Colombo Ports Commission Bill.
President Rajapaksa appointed committee to go through a preliminary work on the special economic zone law that was prepared during the last administration.
The Port City is built on land reclaimed by China Harbhour Engineering Corporation and part of the land has been given to the government under a public private partnership.