Championing foreign direct investment in Sri Lanka: A CWEIC perspective

How Port City Colombo's strategic partnership with CWEIC has supported investment promotion across the Commonwealth

- By DESHAN GONAWELA

Foreign Direct Investment (FDI) continues to play a defining role in shaping long-term growth trajectories, especially in developing economies.

With more than 60% of its 2.7 billion citizens under the age of 30, the Commonwealth represents one of the world’s youngest and fastest-growing population groupings. Its combined GDP has grown to US$14.2 trillion (2022) and is forecast to reach US$20 trillion by 2029, with intra-Commonwealth trade expected to surpass US$1 trillion by 2026. Population growth and increasing trade flows present a major opportunity for investment-led development across the 56 Commonwealth countries.

Against this backdrop, Sri Lanka stands at a critical juncture. Following a period of severe economic strain, the country is repositioning itself as a forward-looking, services-led economy. Central to this ambition is Port City Colombo. As an ambitious and transformative master-planned city development comprising 269 hectares of reclaimed land adjacent to the Colombo Port, Port City Colombo was built with the intention of making it the island’s first foreign-currency designated Special Economic Zone (SEZ) dedicated to modern services.

The project is expected to generate over 143,000 direct jobs at maturity, while creating more than 440,000 employment opportunities during its construction phase. With core focus areas including international trade and commerce, maritime and logistics, financial services, information technology, business process outsourcing (BPO), corporate headquarters operations, and tourism, Port City Colombo has been designed to diversify and strengthen Sri Lanka’s economic base.

Port City Colombo represents more than a national project: it is an effort to integrate Sri Lanka into high-value global networks in trade, finance, and services, including those across the Commonwealth.