Sri Lanka’s Port City Colombo (PCC) is a project to create a new Special Economic Zone in the heart of the country’s largest city Columbo on land reclaimed from the sea. As part of this plan, the Columbo Port City Economic Commission is seeking to set up a new international university within this zone and has asked for expressions of interest (EOI).
While the call for EOI is aimed at investors rather than HEIs, the guidelines make it clear that they expect the new university to be established along with a “globally ranked” institution. The new campus should use the same branding as its campuses overseas and quality assurance should be managed by the international university in line with what is offered on these campuses.
Guidelines suggest that the new university should have faculties in business, accounting, finance, banking, IT, engineering, and medicine, and should award at least diploma, undergraduate and postgraduate certifications. The government is keen to position the new international university as a regional education facility which supports their vision to promote Colombo as an educational hub.
PCC is Sri Lanka’s key foreign direct investment project and aims to be the region’s first multi-currency, service export Special Economic Zone. It will have five different zones consisting of financial district, central park living, island living, the marina and the international island. A specific plot for developing an international university has already been earmarked.
EOI are to be submitted to inquiries@portcity.gov.lk by email. The call does not set any hard deadline but does suggest that EOIs that are submitted by 12 September 2023 will receive priority.
British Council Comments
PCC is a major national development priority for Sri Lanka which is expected to create over 140,000 direct job opportunities and contribute $13.8 billion to the country’s annual GDP of Sri Lanka annually. The government aims to use the project to position the country as a leading player in the service export industry and fast track Sri Lanka’s economic recovery.
As a Special Economic Zone, a separate regulatory framework has been drawn up for PCC which would be applicable, meaning that investors will be allowed to repatriate profits. The international university will be exempted from regulations of the domestic education regulator, the University Grants Commission of Sri Lanka.
UK universities might want to consider exploring the opportunity opened up in Sri Lanka through potential investors in order to tap the potential and growth of demand of one of their biggest overseas TNE markets as well as possible access to students from South Asia upon realisation of government’s vision of a regional education hub.
However, the project is still at an early stage and there is no clear timeline for when the proposed university would be likely to open (although the EOI guidelines do state that development of the university should start within six months of signing the contract). As the facilities have yet to be constructed, it will likely be several years before any students could be recruited to the new international university campus.
Sources:
Call for Expressions of Interest: https://www.portcitycolombo.gov.lk/news/n-20230612-1
Columbo Port City Economic Commission: https://www.portcitycolombo.gov.lk/
Further reading:
https://www.pwc.com/lk/en/economy/economic-impact-assessment-of-port-city.html
https://www.ft.lk/front-page/Port-City-set-to-boost-Sri-Lankan-economy/44-748328
http://archives1.dailynews.lk/2021/05/18/local/249563/first-port-city-project-be-completed-2025