Colombo
is also the main financial centre of the country. More than 60% of the financial
transactions take place in financial institutions located in Colombo. Further
more, out of the 18 foreign banks, 16 are located in the Central Business District
of Colombo. It has also been observed that the concentration of banking and finance
is taking place around Fort, Slave Island, Union Place and Kollupitiya.
As
the Colombo City is expected to experience a faster growth in the coming decade,
it is necessary to properly plan this growth. The objective of planned growth
is to accommodate the expected growth and related economic functions more efficiently
. In addition, planned growth will also ensure that future urban growth is sustainable
and environmentally acceptable.
In
order to pursue a planned development within Colombo, the following strategies
are considered important.
·
Relocation of public administrative functions in Colombo to Sri Jayawardenapura-Kotte,
the administrative capital of the country.
·
Transfer of wholesale trade to Orugodawatta, which is just outside the city of
Colombo.
·
Relocation of existing non-port related industries in the city in new industrial
townships as far as possible.
·
Development of new road networks including Marine Drive, Port access road, Colombo-Katunayaka
Express way, North-South Highway, Baseline Road extension, and a railway ring
road in order to more conveniently and efficiently link the city of Colombo with
the Core Area and the CMR.
·
Encouragement of increased investment on other infrastructure facilities such
as Greater Colombo Flood Protection Scheme, Telecommunication Improvement Scheme,
and Colombo Sewerage Scheme etc.
· Implementation of Beira Lake
Restoration Project, Solid Waste Management Project, Wetlands Conservation Project,
Galle Face development, Race Course re-development, and Clean Settlement Project.
·
Allocation of additional lands to build more green belts around this city
·
Ban new industries within the City of Colombo.
If
these strategies are implemented, more land will become available for port and
harbour related activities and financial services in the city of Colombo. The
focus on harbour related activities and financial services within the city is
aimed at promoting Colombo as the financial hub in the Asian region. Limiting
the economic functions to these areas will also help to promote an environmentally
sustainable development in Colombo in the future.
The
rest of this chapter focuses on the city of Colombo and describes the present
characteristics in the context of the strategies and development objectives stated
in the Colombo City Development Plan. The Grater Kotte Area (GKA) consists of
the Core Area that excludes the city of Colombo.
