Sri Lankan Prime Minister Ranil Wickremesinghe on Thursday launched the first phase of the "Techno City" initiative aimed at transforming the country into a strong economic and technological hub in the Indian Ocean region.

The "Techno City" initiative which will begin from Homagama in the outskirts of the capital aims to uplift the living standards of Colombo and its outskirts and help attract new foreign investments.

Speaking at the inauguration ceremony, Wickremesinghe said that the "Techno City" was Sri Lanka's first step towards development and it will help promote Sri Lanka's strategic location in the region.

He invited all Sri Lankan academics and professionals residing overseas to return to the country and help develop the nation.

"I do not think there is any other country which is as well located as Sri Lanka. Our aim is to now transform this country into a strong economic and technological hub and the Techno City is our first step towards it," Wickremesinghe said.

The regions from Malabe to Homagama in the country's Western Province has been selected as the most suitable environment for the construction of the new Techno City as those regions have been identified as heavily populated.

Accordingly the construction of the new Techno City will commence by dividing Malabe into three technical zones and Homagama into seven technical zones, the government said.

The Ministry of Megapolis and Western Development said that issues such as unemployment, poverty and the lack of opportunities for the youth which pose a great threat to the country's economy will be addressed through these development projects.

A new direction is now needed for the country to move forward, the ministry said, adding that the Techno City will address all those issues.

Sri Lanka is to construct new cities and strategic towns as parts of its mega development projects which will then transform the island country into an ideal location for investors.

(Xinhua)