During the 1980s, the port underwent rapid modernization with the installation of cranes, gantries and other modern-day terminal requirements.

[citation needed] The Port of Colombo is home to the second tallest building in South Asia and is the center for many commercial interests.

In an effort to protect the coast from invaders the King of Kotte at the time, Parakamabahu VIII made a treaty with the Portuguese giving them the right to trade cinnamon from the island, and receiving full authority of the coastline.

[4] In order to protect their interests in coastal India, the Portuguese knew that controlling the island was vital, and thereby took advantage of royal rivalries between the Kingdoms.

[4] In 1638 the Dutch empire signed a treaty with Rajasinghe II of Kandy for monopoly over the island's trade goods and in turn promising help in the Kandyan King's war effort with the Portuguese.

[4] In 1865, the Municipal Council was created by the British in the Port of Colombo in an effort to teach the local population self-governance.

Sri Lanka's economy began to improve, even though it had influences of Portuguese, Dutch and British cultures while its own had been repressed.

[6] After the introduction of private sector operators, it consolidated its position as a major regional hub port for transshipment cargo in the late 1990s.

[7] The main channel of the port was deepened to 15 meters, while it also reached the one million mark for annual handling of container TEUs in 1996.

[4] A third berth at Galle Regional Port was started in 2000, while the Peliyagoda Container Freight Station was opened.

In 2002, the multi-purpose Ashraff Quay was inaugurated, while the new Customer Service Center for LCL and breakbulk cargoes was opened in the same year.

[9] Sri Lanka Ports Authority owns 15% stakes each in SAGT and CICT and proposed West Container Terminal.

[8] The project, which was headed by the Sri Lanka Ports Authority and built by the Hyundai Engineering and Construction Company, was completed by 11 April 2012.

Commenced construction in December 2011, the first "pace" was ceremonially opened for traffic on 8 August 2013, making the Colombo Port complex one of the biggest in the world.