‘Colombo Financial City, filling a vital vacuum’


By Hiran H.Senewiratne

The Financial City being built in Colombo with Chinese assistance would fill the vacuum for offshore financial services between Singapore and Dubai, Prime Minister Ranil Wickremesinghe said.

"The strategic importance of our country as a regional hub in the realm of global commercial activity has been widely acknowledged. This 200 acres financial city would be a separate jurisdiction which will provide offshore financial services and would fill the vacuum between Singapore and Dubai, the Prime Minister said at the London Stock Exchange Group's (LSEG) opening in Colombo of its new local state-of-the-art technology facility.

Prime Minister Wickremesinghe and LSEG chairman, Donald Brydon opened the new technology hub headquartered in the TRACE Expert City precinct of Colombo on Monday.

Wickremesinghe said that in the ancient world, as far as global and navigational contexts were concerned, Sri Lanka possessed strategic geographical advantages, such as being the vital southern-most point of mainland Asia, located almost on the equator where navigational winds and monsoon effects changed directions and being the half way point between the two great empires of Rome and China.

The Prime Minister said that his government was repositioning itself to maximise on bilateral relationships with both its historic and new trading partners.

"To fully tap this potential, we will engage in initiatives with regional players who have major economic stakes in the Indian Ocean. The Financial City being built in Colombo, will fill the vacuum for offshore financial services between Singapore and Dubai, he said.

"It is my belief that this will not only provide opportunities to the young talent pool of innovators and entrepreneurs of the country, but also further the proposed reforms in the 2017 budget, the Prime Minister added.

LSEG chairman Donald Brydon said that the great potential in Sri Lanka prompted them to invest here.

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