UAQ Free Zone and Port City Colombo have signed an agreement designed to connect UAE and Sri Lankan investors, support business expansion and create new opportunities across both markets.
DUBAI: UAQ Free Zone and Port City Colombo have signed an agreement aimed at promoting investment and creating new business opportunities between the UAE and Sri Lanka.
The agreement brings together Umm Al Quwain Free Trade Zone, the Colombo Port City Economic Commission and CHEC Port City Colombo (Private) Limited. It is designed to create stronger links between companies and investors seeking opportunities across the two markets.
The agreement was signed during the second edition of the “Sri Lanka Beyond Your Dreams” event, organised by the Consulate General of Sri Lanka in Dubai and the Northern Emirates and held at Hilton Dubai Al Habtoor City.
Under the partnership, the organisations will connect businesses and investors, exchange information about investment opportunities and introduce potential investors to relevant partners. They also intend to create platforms where companies can explore opportunities for expansion.
Joint roadshows, business meetings, webinars, investor events and business delegations are among the initiatives planned. The organisations will also respond to investor enquiries and assist companies interested in establishing businesses in either jurisdiction.
Johnson M. George, General Manager of the UAQ Free Trade Zone Authority, described the agreement as an opportunity to build stronger connections between two growing investment destinations.
“Our aim is to turn this cooperation into real business opportunities and investments,” George said.
Harsha Amarasekera PC, Chairman of the Colombo Port City Economic Commission, said the agreement creates a structured route for UAE-based businesses looking towards South Asia.
“Through this partnership with the UAQ Free Trade Zone Authority, we are creating a structured channel through which businesses established in the UAE can seamlessly extend their operations into South Asia,” Amarasekera said.
Xiong Hongfeng, Managing Director of CHEC Port City Colombo (Pvt) Ltd., said the partnership could create new pathways for businesses and investors operating across both jurisdictions.
The UAQ Free Zone and Port City Colombo partnership therefore positions the two business hubs as potential gateways for companies seeking greater access to the Gulf and South Asian markets.
Impact to expect
The agreement could make cross-border expansion easier for companies in both markets by giving UAE businesses a clearer route into South Asia while providing Sri Lankan businesses and investment opportunities with stronger exposure to Gulf-based investors.
