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37-517: Port City Colombo ( Sinhala : කොළඹ වරාය නගරය, romanised: Koḷam̆ba Warāya Nagaraya ) is a multi-services special economic zone located in Colombo , Sri Lanka , which is currently under construction on reclaimed land adjacent to the Galle Face Green . The land reclamation work had been completed as of January 2019. In 2017, the cost was slated to be US$ 15 billion. Port City Colombo is

74-662: A Dravidian origin for this word. ), dola for pig in Vedda and offering in Sinhala. Other common words are rera for wild duck, and gala for stones (in toponyms used throughout the island, although others have also suggested a Dravidian origin). There are also high frequency words denoting body parts in Sinhala, such as olluva for head, kakula for leg, bella for neck and kalava for thighs, that are derived from pre-Sinhalese languages of Sri Lanka. The oldest Sinhala grammar, Sidatsan̆garavā , written in

111-468: A business-friendly environment for investors. The SEZ includes tax incentives and exemptions of up to 25 years for Businesses of Strategic Importance (BSIs), transactions in 16 designated foreign currencies with no capital or exchange controls, 100% foreign ownership of businesses, 100% capital and profit repatriation, and flexible employee management practices. Employees will additionally benefit from 0% personal income tax, remuneration in foreign currency, and

148-401: A comprehensive legal framework that supports the operations of businesses regardless of their size. It ensures that businesses or other entities that engage in commerce adhere to set rules and guidelines, creating a fair and competitive commercial environment while providing legal remedies to resolve disputes. The history of commercial practices traces back to early civilizations where commerce

185-471: A favourable environment for business, investment, and lifestyle. Some of these include: The Port City was claimed to be a concept of former President Mahinda Rajapaksa , who was apparently inspired while inspecting the landfill being constructed for the Colombo South port. The modern Port City Colombo was based on a concept proposal submitted by China Harbour Engineering Company The construction

222-575: A mixed development project, with the investment value totaling $ 1 billion. The project includes residential, commercial and retail assets set to break ground in mid-2021. This is the first major investment in Port City Colombo. Fintech Association of Sri Lanka (FASL) has launched an initiative to draft a report titled, Enhancing Colombo International Financial City (Port City Colombo) as a Leading Fintech Hub in South Asia to submit to

259-544: A multi-billion-dollar FDI-funded Public Private Partnership (PPP). Port City Colombo aims to facilitate connections to the South Asian market through investment opportunities, international business environments, world-class infrastructure, and high-quality sustainable living. Upon completion, Port City Colombo will feature five distinct precincts: the Financial District, Central Park Living, Island Living,

296-779: A period of prior bilingualism: "The earliest type of contact in Sri Lanka, not considering the aboriginal Vedda languages, was that which occurred between South Dravidian and Sinhala. It seems plausible to assume prolonged contact between these two populations as well as a high degree of bilingualism. This explains why Sinhala looks deeply South Dravidian for an Indo-Aryan language. There is corroboration in genetic findings." In addition to many Tamil loanwords , several phonetic and grammatical features also present in neighbouring Dravidian languages set modern spoken Sinhala apart from its Northern Indo-Aryan relatives. These features are evidence of close interactions with Dravidian speakers. Some of

333-463: Is a conspicuous example of the linguistic phenomenon known as diglossia . Sinhala ( Siṁhala ) is a Sanskrit term; the corresponding Middle Indo-Aryan ( Eḷu ) word is Sīhala . The name is a derivative of siṁha , the Sanskrit word for 'lion'. The name is sometimes glossed as 'abode of lions', and attributed to a supposed former abundance of lions on the island. According to

370-599: Is an Indo-Aryan language primarily spoken by the Sinhalese people of Sri Lanka , who make up the largest ethnic group on the island, numbering about 16 million. Sinhala is also spoken as the first language by other ethnic groups in Sri Lanka, totalling about 2 million speakers as of 2001. It is written using the Sinhala script , which is a Brahmic script closely related to the Grantha script of South India. Sinhala

407-594: Is conducted, particularly vis-a-vis employees and customers. Privacy laws, safety laws (e.g., the Occupational Safety and Health Act in the United States), and food and drug laws are some examples. Commercial law covers the following legal areas : This broad area of law covers many topics, from forming new companies, drafting business contracts, employment processes, corporate mergers, consumer rights to commercial litigation. It also provides

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444-484: Is divided into four epochs: The most important phonetic developments of Sinhala include: According to Wilhelm Geiger , an example of a possible Western feature in Sinhala is the retention of initial /v/ which developed into /b/ in the Eastern languages (e.g. Sanskrit viṁśati "twenty", Sinhala visi- , Hindi bīs ). This is disputed by Muhammad Shahidullah who says that Sinhala Prakrit branched off from

481-735: Is governed by an independent authority and will not be subject to the Colombo Municipal Council . A special legal framework would enable it to operate on a subset of commercial law , in terms of contracts and commercial transactions with its own Special Colombo oFinancial Court serving as the court of first instance and provision of appeal to the Supreme Court of Sri Lanka . It would have its own international commercial dispute resolution center for arbitration proceedings. Port City Colombo consists of around 269 hectares of reclaimed land where all land titles are vested with

518-572: Is located in the metropolis of Colombo, Sri Lanka, which is positioned within South Asian trade routes. The master planned city is to be constructed between the southern edge of the new Colombo South Port and the Fort lighthouse. The total area of sea to be reclaimed is 269 ha (660 acres). As a Special Economic Zone (SEZ) governed by the Colombo Port City Economic Commission (CPCEC), Port City Colombo aims to be

555-412: Is one of the official and national languages of Sri Lanka, alongside Tamil . Along with Pali , it played a major role in the development of Theravada Buddhist literature. Early forms of the Sinhala language are attested as early as the 3rd century BCE. The language of these inscriptions, still retaining long vowels and aspirated consonants, is a Prakrit similar to Magadhi , a regional associate of

592-729: The Middle Indian Prakrits that had been used during the time of the Buddha . The most closely related languages are the Vedda language (an endangered, indigenous creole still spoken by a minority of Sri Lankans, mixing Sinhala with an isolate of unknown origin and from which Old Sinhala borrowed various aspects into its main Indo-Aryan substrate), and the Maldivian language . It has two main varieties, written and spoken, and

629-699: The President of Sri Lanka ; the initiative is being assisted by a number of fintech experts globally and Professor Douglas Arner , Kerry Holdings Professor in Law at the University of Hong Kong (HKU) as the chief consultant. Before land was reclaimed for the development of Port City Colombo, Environmental Impact Assessments (EIAs) were conducted to make sure the construction of the Special Economic Zone follows sustainable practices. The layout and

666-587: The UNESCO National Commission of Ceylon According to Wilhelm Geiger , Sinhala has features that set it apart from other Indo-Aryan languages. Some of the differences can be explained by the substrate influence of the parent stock of the Vedda language . Sinhala has many words that are only found in Sinhala, or shared between Sinhala and Vedda and not etymologically derivable from Middle or Old Indo-Aryan. Possible examples include kola for leaf in Sinhala and Vedda (although others suggest

703-464: The 13th century CE, recognised a category of words that exclusively belonged to early Sinhala. The grammar lists naram̆ba (to see) and koḷom̆ba (fort or harbour) as belonging to an indigenous source. Koḷom̆ba is the source of the name of the commercial capital Colombo . The consistent left branching syntax and the loss of aspirated stops in Sinhala is attributed to a probable South Dravidian substratum effect. This has been explained by

740-716: The Eastern Prakrits prior to this change. He cites the edicts of Ashoka , no copy of which shows this sound change. An example of an Eastern feature is the ending -e for masculine nominative singular (instead of Western -o ) in Sinhalese Prakrit. There are several cases of vocabulary doublets , one example being the words mæssā ("fly") and mækkā ("flea"), which both correspond to Sanskrit makṣikā but stem from two regionally different Prakrit words macchiā (Western Prakrits) and makkhikā (as in Eastern Prakrits like Pali ). In 1815,

777-731: The Government of Sri Lanka. At a question and answer section in July 2018, the Prime Minister stated that the land reclamation would be finished within one year and that construction should begin by next year, and that the government seeking assistance in establishing the legal construct for the administrative area. This was successfully completed in January 2019 according to the Ministry of Megapolis and Western Development. The project

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814-919: The Marina, and the International Island. The city will additionally encompass over 6.4 million square metres of new developments in residences, healthcare, education, entertainment, hotels, restaurants, retail, and commercial complexes. In May 2021, the Parliament of Sri Lanka approved the Port City Commission Bill to establish the Colombo Port City Special Economic Zone and Economic Commission. Under this law, companies can be exempt from all taxes, personal, corporate, excise, import, and every other tax for up to forty years. Port City Colombo

851-437: The changing needs of the market, and it often functioned outside the bounds of national legal systems, providing a framework that was more consistent for cross-border commerce. The codification of commercial law during the 19th century was a significant turning point, as various regions began to formalize commercial regulations into comprehensive codes. The adoption of legal codes allowed for greater uniformity and reliability in

888-681: The chronicle Mahāvaṃsa , written in Pali, Prince Vijaya of the Vanga Kingdom and his entourage merged in Sri Lanka with later settlers from the Pandya kingdom . In the following centuries, there was substantial immigration from Eastern India, including additional migration from the Vanga Kingdom (Bengal), as well as Kalinga and Magadha . This influx led to an admixture of features of Eastern Prakrits. The development of Sinhala

925-519: The commercial sector, reducing uncertainties and disputes. A key feature of modern commercial law is its reliance on general principles such as the freedom of contract, which remains a central tenet in commercial relationships. International commercial law today is shaped by multiple sources, including national laws, international conventions, and principles such as those derived from the United Nations Convention on Contracts for

962-557: The construction is completed, Port City Colombo is expected to have a non-motorised transport system that encourages walking and cycling through shaded walkways and an integrated Light Rail Transit (LRT) system . Sinhala language Sinhala ( / ˈ s ɪ n h ə l ə , ˈ s ɪ ŋ ə l ə / SIN -hə-lə, SING -ə-lə ; Sinhala: සිංහල , siṁhala , [ˈsiŋɦələ] ), sometimes called Sinhalese ( / ˌ s ɪ n ( h ) ə ˈ l iː z , ˌ s ɪ ŋ ( ɡ ) ə ˈ l iː z / SIN -(h)ə- LEEZ , SING -(g)ə- LEEZ ),

999-505: The development of the city’s infrastructure are meant to support sustainability and the Port City Colombo’s master plan includes several green spaces across the plot. Development Control Regulations also incentivise developers who meet green building standards. Port City Colombo is following eco-friendly infrastructure development practices by opting for sustainable design, renewable energy, and energy-efficient building standards. Once

1036-890: The features that may be traced to Dravidian influence are: ඒක ēka it අලුත් aḷut new කියලා kiyalā having-said මම mama I දන්නවා dannavā know ඒක අලුත් කියලා මම දන්නවා ēka aḷut kiyalā mama dannavā it new having-said I know "I know that it is new." ඒක ēka it අලුත් aḷut new ද da Q කියලා kiyalā having-said මම mama I දන්නේ Commercial law Commercial law includes within its compass such titles as principal and agent; carriage by land and sea; merchant shipping ; guarantee ; marine, fire, life, and accident insurance ; bills of exchange, negotiable instruments , contracts and partnership. Many of these categories fall within Financial law , an aspect of Commercial law pertaining specifically to financing and

1073-548: The financial markets. It can also be understood to regulate corporate contracts , hiring practices , and the manufacture and sales of consumer goods . Many countries have adopted civil codes that contain comprehensive statements of their commercial law. In the United States, commercial law is the province of both the United States Congress , under its power to regulate interstate commerce, and

1110-551: The foundation for modern commercial law and was characterized by its flexibility, simplicity, and ability to adapt to changing trade practices. In the early modern period, commercial law continued to evolve through a combination of local customs and emerging legal frameworks that supported the growth of international trade. Notably, many elements of commercial law developed independently of formal state control, instead arising from community enforcement mechanisms among traders themselves. This allowed commercial law to remain responsive to

1147-564: The investor. Construction of the Port City Colombo project was launched on 17 September 2014 by former Sri Lankan President Mahinda Rajapaksa and General Secretary of the Chinese Communist Party Xi Jinping . The Port City Colombo was suspended after end of the Rajapaksa government in 2015 due to alleged claims related to sovereignty of Sri Lanka and adverse environmental impacts. The Port City Colombo

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1184-607: The island of Ceylon came under British rule . During the career of Christopher Reynolds as a Sinhalese lecturer at the School of African and Oriental Studies, University of London , he extensively researched the Sinhalese language and its pre-1815 literature. The Sri Lankan government awarded him the Sri Lanka Ranjana medal for his work. He wrote the 377-page An anthology of Sinhalese literature up to 1815 , selected by

1221-453: The provision of preferential visas of 5–10 years (for spouses and children). The Colombo Port City SEZ plans to carry out business operations in key service-oriented sectors such as IT/ITes (IT-enabled services), finance services, shipping logistics and maritime services, professional services, corporate headquarters operations, tourism, entertainment, and sustainable development. Future developments at Port City Colombo are focused on creating

1258-558: The states, under their police power. Efforts have been made to create a unified body of commercial law in the United States; the most successful of these attempts has resulted in the general adoption of the Uniform Commercial Code , which has been adopted in all 50 states (with some modification by state legislatures), the District of Columbia , and the U.S. territories. Various regulatory schemes control how commerce

1295-639: Was around three months ahead of its targeted completion as of January 2019. China Daily reported in April 2019 that the hydro structural construction would be complete by the middle of 2019, with the construction of municipal facilities being completed by July 2020. The Road Development Authority had sent approval for the new road network and piling work had begun for the nine bridged by January 2019. By December 2020, Sri Lankan conglomerate LOLC Holdings leased out five land parcels amounting to $ 200 million and signed an agreement with China Harbour Engineering for

1332-581: Was crucial for society, and regulation was necessary to facilitate and secure transactions. Commercial law, sometimes referred to as mercantile law, evolved organically through the collective practices of merchants, known as the " lex mercatoria " or law of merchants during the Middle Ages . The development of these rules was largely a response to the needs of the international trade community, which needed standardized rules to facilitate business across different regions and legal systems. The lex mercatoria laid

1369-533: Was set to begin in March 2011 but due to several circumstances the project was put on hold. In mid 2012, the Sri Lankan Ports Authority (SLPA) announced that the construction of the then Port City Colombo project would commence on 17 September 2014. The budget was estimated to be $ 1.4 billion. The reclamation was to be carried out by China Harbor Engineering Corporation, who has been engaged by

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