The Colombo Port City would become the business district of Colombo, the down-town in the next decade or so, said Central Bank Governor Arjuna Mahendran.

Speaking at the Mayor's Forum, held to celebrate the 150th anniversary of the Colombo Municipality, Mahendran said the prospective Colombo Port City would lead Colombo and Sri Lanka to the global value chain.

The Central Bank Governor also said the issue of land ownership and property rights in the country needed to be addressed.

“This area of legislation in Sri Lanka has unfortunately become muddy and unclear in recent years and there is an urgent need to repair this situation,” he said.

The new government of Sri Lanka was looking at bringing in new legislation to address the issue. “There has to be a very clear framework in terms of the ownership of property and property rights, whether they are locals or foreigners that come into the city. I believe the issue is being addressed as we speak,” he said.

It was crucial to have clear guideline in such matters if a mega city was to thrive, the Governor said.(Nabeela Hussain)