The Spirit of Belfast sculpture was unveiled at Cornmarket, in Arthur Square.
New York artist Dan George's design was chosen in a public vote and replaces the old bandstand in the area.
Unveiling the seven meter high sculpture, Social Development Margaret Ritchie said: "The Spirit of Belfast is a new iconic landmark for our capital city. It is a symbol of a bright future, a symbol of a shared future in the heart of our city.
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"Once where a tired and decaying band stand greeted shoppers, it is now been transformed into a colourful sphere of light and prosperity for the enjoyment of tourists, shoppers and the people of Belfast."
Ms Ritchie said public art has a "key role to play" by providing attractive landmarks and contributing to positive memories of Belfast for visitors.
Dan George said: "The Spirit of Belfast is the manifestation of our energy as we look to the future as well as a meditation on our past. It is a timepiece that weaves together the strength of steel and the delicacy of light, ocean liners and linen, progress and peace."
Belfast Lord Mayor Naomi Long added: "Public artwork is one way to achieve that aim by providing an attractive and interesting environment. This contemporary landmark artwork celebrates what Belfast has to offer as well as integrating the city's future with its past."
(PR/BMcC)
