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The cabinet of Ministers last week approved the Ministry of National Policies and Economic Affairs, which comes under the purview of Prime Minister Ranil Wickremesinghe to supervise the implementation of the proposed Financial City that would allow offshore operations. The Ministry is now expected to propose new laws for governing offshore activities like in Dubai, draft legislations for establishment of the Financial City and to obtain required legal services in this regard.

“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.

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,” the government says.