The Cabinet of Ministers has approved a proposal to designate Prime Melwa (Pvt) Ltd as a primary enterprise of strategic importance under the provisions of Section 53 of the Colombo Port City Economic Commission Act No. 11 of 2021.
The company is set to invest USD 112.2 million (approximately Rs. 15.95 billion) in a Landmark Mixed‑Use Waterfront Project within Colombo Port City.
The development, which combines commercial, residential, and recreational facilities, is expected to generate around 800 employment opportunities over the coming years.
In line with the Act, the designation allows the Commission to grant exemptions or incentives to enterprises identified as strategically important, subject to Cabinet approval.
Officials noted that the project will contribute significantly to urban development, foreign investment inflows, and job creation.
The proposal was presented by the Minister of Finance, Economic Stabilization, and National Policies, with the approval of President Anura Kumara Dissanayake, and subsequently endorsed by the Cabinet. (Newswire)