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Sri Lanka has been taking advantage of Chinese investment to transform its newly constructed Port City Colombo into a thriving hub for finance and trade. In an exclusive interview with China Media Group (CMG), Sri Lanka's President Ranil Wickremesinghe said the city is of strategic significance to the South Asian country's development during an era of fierce global competition. "Major trade hubs worldwide have grown out of ports. This project is part of our new economic cooperation with China. There is a lot of competition in the world economy and we need to develop trade relations with countries around the world," said the president.