President Ranil Wickremesinghe announced at the 2023 Trade Mediation Symposium in Colombo that a new law will be implemented to transform the port city of Colombo into the Colombo Financial Zone. This move will grant the port city jurisdiction over offshore activities. The President stated that he expects this law to be in effect by the end of the year.
The port city, occupying 269 acres of sea-reclaimed land, will consist of five districts: the Financial District, Central Park Living, Island Living, the Marina, and International Island. This transformation aims to make Colombo a hub for financial services and offshore activities, attracting domestic and international businesses to invest in the country.
This decision by President Wickremesinghe reflects the government’s efforts to boost the economy and position Sri Lanka as a major player in the global financial market. The introduction of the new law will create a favorable environment for businesses operating within the Colombo Financial Zone and is expected to drive economic growth and development in the country.