In Counter To🇨🇳 China, India Scores Big Sri Lanka Port🤝 Deal With Japan

  |   India News

Sri Lanka Tuesday announced it is entering into a partnership with India and Japan to develop a deep-sea container terminal next to a controversial $500-million Chinese-run container jetty in Colombo harbour.

The state-run Sri Lanka Ports Authority (SLPA) said a memorandum of cooperation (MOC) had been signed between the three countries to develop what is known as the East Terminal of the Colombo port.

The SLPA said it will retain 51 per cent of the company that will run the terminal while the rest will be owned by India and Japan. It gave no further details of the costs of the project.

China owns 85 per cent of the adjoining terminal known as the Colombo International Container Terminal (CICT) which was commissioned in 2013. The SLPA owns the remaining 15 per cent of the company.

The SLPA said 70 per cent of transhipment containers handled by Colombo was Indian export-import cargo.

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