Making an announcement at the 2023 Commercial Mediation Symposium held at the prestigious Hilton Hotel in Colombo, President Ranil Wickremesinghe outlined his administration's ambitious plan to overhaul the Port City and elevate it to a pivotal role in Sri Lanka's financial landscape.

President Wickremesinghe unveiled a groundbreaking initiative that involves introducing new legislation aimed at rebranding the Port City as the "Colombo Financial Zone." Under this innovative legal framework, the Port City will gain jurisdiction over offshore activities, creating a conducive environment for financial services and investment.

This strategic move is anticipated to further bolster Sri Lanka's status as a regional economic hub and attract international businesses seeking a foothold in South Asia. The transformation of the Port City into the Colombo Financial Zone is expected to foster economic growth, create job opportunities, and stimulate foreign investments.

President Wickremesinghe affirmed his administration's commitment to implementing this transformational legislation swiftly, with the goal of enacting it into law by the year's end. The move aligns with the government's broader vision to diversify the Sri Lankan economy, attract foreign capital, and promote sustainable development.