It is the most populated city in Sri Lanka, commercial capital and seat of Government. It is located on the western coast of the island. It is a vibrant city, full of life and with a mix of modern architecture, colonial buildings and ruins. Its name was given to it by the Portuguese colonizers in 1505. Because it is a large natural port and its strategic position on the sea trade routes that link the East and the West, merchants have known of its existence for more than 2,000 years. It was designated the country's capital when it was ceded to the British Empire in 1815 and maintained its capital status when the nation became independent in 1948. The central area of the city is home to most of Sri Lanka's corporate offices, restaurants and entertainment venues.