Cabinet on Monday gave approval to a  proposal by President Gotabaya Rajapaksa to  instruct the legal draftsman to draft Colombo Ports Commission Bill in accordance with the structure desired by the Government to meet national requirements and in a way that can attract international investors.

The new law will  focus on making the Colombo Port City a Specialized Economic Center with a wide scope of service to the Indian subcontinent and Southeast Asia, and an excellent regional hub aimed at a service economy in line with "Vistas of prosperity and Splendour" the current Government Policy Statement.

For this purpose, it is necessary to create an active environment that can compete with investment hubs such as Dubai, Singapore, and Hong Kong, by attracting Investors, Entrepreneurs, Innovators, Companies, Financial Institutions through a well-structured and competitive legal, tax and regulatory, and dispute resolution mechanism, the President informed Cabinet.

The new law will be drafted on these lines.