Government of India believes that development of infrastructure in ports and energy sectors in Sri Lanka with investment from India will be a mutually beneficial proposition, Minister of State for External Affairs V Muraleedharan told the Lok Sabha
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Sputnik International
At a cabinet meeting chaired by Sri Lankan President Gotabhaya Rajapaksa on February 1, Sri Lanka abruptly scrapped the Colombo Port East Container Terminal project with India and Japan, delivering a body blow to Prime Minister Narendra Modi’s much touted ‘Neighbourhood First’ policy that has been unable to forestall the re-entry of China into the Indo-Sri Lankan theatre; or,
By Eng. D. Godage
The Colombo Port East Container Terminal, ECT, is hot topic, being an important economic nerve centre essential to the country but getting involved as a pawn in geopolitics. Opinion by I. P. C. Mendis in
The Island (27.01.2021) prompted to clarify some of the matters and expose true facts.
ECT will neither be sold nor leased; it will be developed through investment from an Indian party and others by giving out 49 per cent share to them while keeping 51 per cent share with the Ports Authority. This is the government stance. Public awareness exists on Build Operate Transfer (BOT) agreements in the port with two terminals operating under this method. Land and sea area are leased to the relevant party by a lease agreement for a specified period, 35 years in both, and the private party invests to develop the terminal. So investment is an essential part in those agreements. But presently announced terminology creates confusion.