Financial Commission to govern offshore financial city

Published : 9:39 am  July 11, 2018 | No comments so far |  | 


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Singaporean Minister of Trade and Industries S. Iswaran presents a memento to Prime Minister Ranil Wickremesinghe at the Question and Answer session.     


Legislation pertaining to setting up a financial commission to govern the offshore financial city will be presented to Cabinet within the next two months, Prime Minister Ranil Wickremesinghe said yesterday.   


Prime Minister Wickremesinghe came out with this information at a question and answer session organized by the Singaporean Trade and Industries Ministry and the Singaporean business collective last morning.   

“I was able to have discussions with the UK authorities on the laws that govern the British offshore financial centre. They pledged their support to Sri Lanka in drafting laws for the offshore financial city which we are to set up on reclaimed land in Colombo. We have already decided to bring in new laws pertaining to the  financial centre. One such law is to set up a financial commission. The proposal will be presented to the Cabinet within the next two months,” the Prime Minister said.   

Mr. Wickremesinghe explained that the offshore financial city or Colombo Port City was mooted in order to develop the real estate sector in the country. He said the government had decided to set up an offshore financial city on reclaimed land. “There are a number of such off shore centres already in the Indian Ocean region. Therefore we are looking at new services that we could introduce in the one we are setting up. Landfill work on the project is to be completed by 2019.  We will then begin construction work,” the Prime Minister said.   

The Prime Minister said government intends to support entrepreneurs to build capital for the project as the support given by the banks for the purpose is insufficient. “Banks have a traditional approach in lending at the moment and the intention of the government is to change this situation,” he stressed.   

“Making Sri Lanka a fully developed nation is our ultimate goal. However it is a challenging task. Therefore we will need to carry out this task with patience and care,” he added.