{"id":156601,"date":"2026-06-05T15:53:21","date_gmt":"2026-06-05T22:53:21","guid":{"rendered":"https:\/\/www.lankaweb.com\/news\/items\/?p=156601"},"modified":"2026-06-05T15:53:21","modified_gmt":"2026-06-05T22:53:21","slug":"katunayake-sri-lanka-as-a-free-trade-banking-hub-for-those-leaving-dubai","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2026\/06\/05\/katunayake-sri-lanka-as-a-free-trade-banking-hub-for-those-leaving-dubai\/","title":{"rendered":"Katunayake Sri Lanka as a Free Trade Banking Hub for those leaving Dubai?"},"content":{"rendered":"<h2><span style=\"color: #0000ff;\"><em>Prof. Hudson McLean<\/em><\/span><\/h2>\n\n\n<p><strong>&#8220;Katunayake International Free Trade &amp; Banking Hub \u2013&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>The Gateway Between Asia, Africa, and the Middle East.&#8221;<\/strong><\/p>\n\n\n\n<p>Katunayake has some genuine advantages if Sri Lanka wishes to position itself as an alternative regional hub for businesses and professionals leaving Dubai, although it would not be a direct replacement for Dubai in the foreseeable future.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" src=\"https:\/\/www.lankaweb.com\/news\/items\/wp-content\/uploads\/2026\/06\/image.jpeg\" alt=\"\" class=\"wp-image-156602\" srcset=\"https:\/\/www.lankaweb.com\/news\/items\/wp-content\/uploads\/2026\/06\/image.jpeg 700w, https:\/\/www.lankaweb.com\/news\/items\/wp-content\/uploads\/2026\/06\/image-300x171.jpeg 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.lankaweb.com\/news\/items\/wp-content\/uploads\/2026\/06\/image-1.jpeg\" alt=\"\" class=\"wp-image-156603\" srcset=\"https:\/\/www.lankaweb.com\/news\/items\/wp-content\/uploads\/2026\/06\/image-1.jpeg 680w, https:\/\/www.lankaweb.com\/news\/items\/wp-content\/uploads\/2026\/06\/image-1-300x169.jpeg 300w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"684\" src=\"https:\/\/www.lankaweb.com\/news\/items\/wp-content\/uploads\/2026\/06\/image-2-1024x684.jpeg\" alt=\"\" class=\"wp-image-156604\" srcset=\"https:\/\/www.lankaweb.com\/news\/items\/wp-content\/uploads\/2026\/06\/image-2-1024x684.jpeg 1024w, https:\/\/www.lankaweb.com\/news\/items\/wp-content\/uploads\/2026\/06\/image-2-300x200.jpeg 300w, https:\/\/www.lankaweb.com\/news\/items\/wp-content\/uploads\/2026\/06\/image-2-768x513.jpeg 768w, https:\/\/www.lankaweb.com\/news\/items\/wp-content\/uploads\/2026\/06\/image-2.jpeg 1288w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>5<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Why Katunayake Has Potential<\/h3>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Strategic Location<\/strong>\n<ul class=\"wp-block-list\">\n<li>Located beside Bandaranaike International Airport.<\/li>\n\n\n\n<li>Close to Port of Colombo, one of South Asia&#8217;s busiest transshipment ports.<\/li>\n\n\n\n<li>Positioned on major East-West shipping and aviation routes.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Existing Free Trade Zone Infrastructure<\/strong>\n<ul class=\"wp-block-list\">\n<li>Katunayake was Sri Lanka&#8217;s first and largest export processing zone and hosts hundreds of international enterprises.<\/li>\n\n\n\n<li>Commercial hub facilities already allow duty-free import, storage, processing, and re-export operations.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Lower Operating Costs<\/strong>\n<ul class=\"wp-block-list\">\n<li>Office space, housing, labour, and support services are significantly cheaper than in Dubai.<\/li>\n\n\n\n<li>Attractive for SMEs, logistics companies, technology firms, and regional headquarters.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Potential Banking and Financial Services Growth<\/strong>\n<ul class=\"wp-block-list\">\n<li>Sri Lanka already offers foreign currency accounts and offshore banking facilities through licensed banks.<\/li>\n\n\n\n<li>Expansion of international banking regulations could make Katunayake more attractive for global traders.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">What Sri Lanka Would Need to Compete<\/h3>\n\n\n\n<p>Dubai succeeded because it combined:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>World-class banking<\/li>\n\n\n\n<li>Fast company registration<\/li>\n\n\n\n<li>Tax advantages<\/li>\n\n\n\n<li>Stable regulations<\/li>\n\n\n\n<li>Efficient immigration policies<\/li>\n\n\n\n<li>Strong legal protection for foreign investors<\/li>\n<\/ul>\n\n\n\n<p>For Katunayake to become a serious &#8220;Dubai alternative,&#8221; Sri Lanka would likely need:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A dedicated International Financial Centre.<\/li>\n\n\n\n<li>Competitive tax and residency programs.<\/li>\n\n\n\n<li>Faster investor visas.<\/li>\n\n\n\n<li>Greater regulatory stability.<\/li>\n\n\n\n<li>Expanded international banking services.<\/li>\n\n\n\n<li>Modern arbitration and commercial courts.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Realistic Opportunity<\/h3>\n\n\n\n<p>Rather than trying to replace Dubai, Sri Lanka could position Katunayake as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>South Asian Trade &amp; Logistics Hub<\/strong><\/li>\n\n\n\n<li><strong>Indian Ocean Commercial Gateway<\/strong><\/li>\n\n\n\n<li><strong>Regional Supply Chain Centre<\/strong><\/li>\n\n\n\n<li><strong>Foreign Currency Banking and Treasury Hub<\/strong><\/li>\n\n\n\n<li><strong>Technology and Business Process Outsourcing Centre<\/strong><\/li>\n<\/ul>\n\n\n\n<p>The combination of Katunayake, the Colombo Port, and the airport corridor could create a niche similar to what Singapore achieved on a smaller scale, provided there is consistent economic policy and investor confidence.<\/p>\n\n\n\n<p>A possible vision could be:<\/p>\n\n\n\n<p><strong>&#8220;Katunayake International Free Trade &amp; Banking Hub \u2013 The Gateway Between Asia, Africa, and the Middle East.&#8221;<\/strong><\/p>\n\n\n\n<p><strong>Such a strategy could attract companies seeking lower costs than Dubai&nbsp; or Singapore or Riyadh, while maintaining access to global trade routes.<\/strong><\/p>\n\n\n\n<p><strong>This is a Golden Opportunity!&nbsp;<\/strong><\/p>\n\n\n\n<p><strong><em><u>Express Your Opinion &#8211; Read What Others Say!<br>The Independent Interactive Voice of Sri Lanka on the Internet.<br><br>Please visit -: <a href=\"http:\/\/www.lankaweb.com\/\">http:\/\/www.lankaweb.com\/<\/a><\/u><\/em><\/strong><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Prof. Hudson McLean &#8220;Katunayake International Free Trade &amp; Banking Hub \u2013&nbsp; The Gateway Between Asia, Africa, and the Middle East.&#8221; Katunayake has some genuine advantages if Sri Lanka wishes to position itself as an alternative regional hub for businesses and professionals leaving Dubai, although it would not be a direct replacement for Dubai in the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":["post-156601","post","type-post","status-publish","format-standard","hentry","category-hudson-mclean"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/156601","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=156601"}],"version-history":[{"count":1,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/156601\/revisions"}],"predecessor-version":[{"id":156605,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/156601\/revisions\/156605"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=156601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=156601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=156601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}