Sri Lanka to make Colombo Port City the financial hub of South Asia under the “One Belt, One Road” Initiative

According to Xinhua news agency, Sri Lanka’s new government, which assumed office a little more than one year ago, is keen to make Colombo Port City (Port City) the financial hub of South Asia as well as an international offshore financial center.

Given Sri Lanka’s strategic location and China’s “One Belt, One Road” initiative, the Chinese have been investing heavily in the development of Sri Lanka’s infrastructure, including the Port City, and the two countries are in talks to conclude a free trade treaty.

The Colombo International Container Terminal has been a remarkable success and is now a major trans-shipment hub on the Indian Ocean. To build on this success, the Sri Lankan government just announced that construction for the Port City Project, which was halted due to environmental assessment, will resume in March. With its larger capacity, the Port City may well make Sri Lanka one of the busiest ports on the Indian Ocean.

According to Prime Minister Ranil Wickremesinghe, the Sri Lankan government plans to establish an international financial center in the Port City, and will release supportive financial and judicial policies to serve the Port City soon.

Ranil Wickremesinghe stated that the “One Belt, One Road” initiative would bring numerous opportunities to Sri Lanka, including 44 industrial parks (to be built in the coming years). Sri Lanka will continue to seek Chinese investments in the shipping, aviation, financial, IT, manufacturing and agribusiness sectors, as well as the transportation and logistics facilities to connect the 44 industrial parks.

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