Sri Lanka, striving to break through on the road to economic recovery, is injecting new vitality into national development through the dual drive of "gambling" and "art".
The major flagship project located in Colombo Port City, Clothespin Towers, is about to officially launch, with a total investment of over $540 million. It aims to create the world's largest vertical art gallery, a landmark clock installation inspired by London's Big Ben standing at 15 meters, and a complex that integrates a seven-star hotel, twin-tower residences, offices, and retail. The project is expected to directly create about 280 jobs in its first year, injecting tangible momentum into the local economy.
The Clothespin Towers project has received a 25-year tax exemption authorized by the latest gazette of the Sri Lankan government, including income tax, value-added tax, and import duties, making it one of the most supported development plans in the port city. This preferential policy not only reflects the government's high regard for the port city as a national economic growth engine but also attracts more domestic and foreign capital to this "policy depression".
At the same time, other major investment projects, including those supported by China Harbour, such as IFC Colombo 1 Pvt Ltd., also enjoy similar tax incentives, showing that the port city is gradually evolving into an important investment and financial hub in South Asia.
More crucially, Sri Lanka has recently officially passed the Casino Legalization Act, releasing policy dividends for high-end entertainment and tourism projects, including Clothespin Towers. With the legalization of gambling, the port city's high-end hotels, retail businesses, and cultural tourism real estate have gained new growth engines, and the gambling tourism industry has also begun to drive the surrounding real estate, cultural creativity, and high-end service industry chains to develop in conjunction.
The vertical art gallery in Clothespin Towers is highly anticipated to become a global center for artists' exchange, exhibition, and innovation, providing a new platform for Sri Lanka's cultural output. The project's iconic Big Ben installation has also been included in the Guinness World Records application plan, symbolizing the country's pursuit of internationalization and innovation.
Industry insiders point out that Clothespin Towers is not just a single real estate development project, but a new attempt by the Sri Lankan government to build a diversified industrial pillar through the opening of gambling, tax incentives, and cultural output. This move is expected to help Sri Lanka transition from a traditional economy reliant on agriculture and basic manufacturing to a new urban economic system centered on high-end services, cultural tourism, and investment finance.
As more and more large-scale investment projects land, the port city is not only set to refresh Colombo's city skyline but also expected to become an important example of regional economic transformation in South Asia, helping to drive Sri Lanka's economy onto the fast track of recovery.
