Sri Lankan CIFC Rival to Gujarat Gift City

Sri Lanka is working on a financial hub, with help from China that could give India's GIFT City some competition. Once work on financial hub gains steam, it would give competition to India's GIFT City. Sri Lanka has recently given tax incentives for the Colombo International Finance Centre (CIFC) in Port City, according to a report. Thulci Aluvihare, head of strategy and business development, CHEC Port City Colombo said there was an opportunity for business. All depends on how fast they can adapt to suit the requirement of Hong Kong companies used to much-sophisticated commerce and trade looking to relocate. The Port City Colombo Special Economic Zone (SEZ) is a part of China's Belt and Road Initiative, the report said. Aluvihare said Indian investors are particularly dissuaded by the "perception" that the project is Chinese. He clarified that the investors will be purchasing a Sri Lankan lease.