Sri Lanka’s President Gotabaya Rajapaksa on Wednesday announced the revival of an Indian and Japanese investment project to develop a deep-sea terminal in Colombo harbour, next to a controversial $500-million Chinese-run container jetty.
A tripartite deal by Sri Lanka’s previous government had been on hold amid trade union resistance, but Rajapaksa said the East Container Terminal (ECT) would proceed. Approval came after reviewing “regional geo-political concerns," Rajapaksa’s office said, a reference to India's suspicion of China's role at the same port.
The terminal will be developed with 51 percent ownership by Sri Lanka's government and the remaining 49 percent as an investment by Adani Group and other stakeholders including Japan, officials said.
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