The Cabinet of Ministers has approved a proposal to develop the West Container Terminal of the Port of Colombo on the basis of operating and developing as a public-private partnership and return it within 35 years together with the government of India and the government of Japan nominated parties and the Sri Lanka Ports Authority.
This will be carried out in compliance with the International Agreements signed by the government of Sri Lanka with a view to developing the Port of Colombo as a competitive port in the region.
Meanwhile, the Cabinet nod has also been received to operate the East Container Terminal as a wholly-owned container terminal of the Sri Lanka Ports Authority.
Sri Lanka has signed a Memorandum of Understanding between India and Japan for the development of the 2ast Container Terminal of the Colombo South Harbour.
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The Cabinet of Ministers had approved a proposal to appoint a negotiating committee on 26 October 2020 to evaluate an investment proposal submitted by an Indian investor in accordance with provisions of the agreement.