Aug 10 (NIA) – The Sri Lankan cabinet of ministers, on Wednesday, approved a proposal to draft the required legislation to establish a financial city in Colombo to attract foreign investments from the region and the west.
The financial city will be part of a multi billion dollar Port City project which is funded by China.
“The key objective of the proposed financial city is to become the prominent financial hub in the region and it has concerned to attract foreign investments from Indian, South Asian, and Middle East region as well as from European countries including England,” Cabinet Spokesperson, Dr. Rajitha Senaratne said.
“Making this city the financial hub of the region will increase the flow of foreign capital into the country. It will also provide broad opportunities of employment for Sri Lankans.”
Accordingly, the proposal made by Prime Minister Ranil Wickremesinghe, in his capacity as the Minister of National Policies and Economic Affairs, to implement the this project under the supervision of the Ministry of National Policies and Economic Affairs, to draft legislations for establishment of the Financial City and to obtain required legal services in this regard, was approved by the Cabinet of Ministers.