Colombo, Dec 8 (IANS): Sri Lankan Prime Minister Mahinda Rajapaksa said that his government will firmly support and accelerate the development of the Colombo Port City project constructed by China to ensure that it will emerge as a new business hub in the island country.

Rajapaksa visited the Colombo Port City along with Chinese Ambassador to Sri Lanka and other government ministers to officially declare the 269 hectares of land reclaimed from the sea for the project as part of the Colombo district, Xinhua news agency reported on Saturday.

A commemorative stamp and a first day cover were also issued at the grand ceremony followed by a mega fireworks display.

The prime minister pledged to accelerate the implementation of the preferential policies of the Colombo Port City from the government level as early as January 2020 and strive to build the project into a new business card for Sri Lanka at the earliest, the Colombo Port City said in a statement following discussions with the prime minister.

The Colombo Port City is Sri Lanka's largest Foreign Direct Investment project and is expected to attract billions of US dollars of investments in the coming years.

It will also create over 80,000 jobs and will transform Sri Lanka into a regional business and financial hub.